Personal planning for Maryland business owners

For many entrepreneurs, the line between business financial planning and individual financial planning may be blurred. This is because the success of their businesses may translate to their overall financial health. However, it is critical that a business owner not assume that financial success in business will translate to being successful with personal finances. Instead, business owners should take the time to answer questions about their current financial picture as well as plan for retirement.

While a business owner may have most of his or her net worth tied to his or her company, diversification still matters. If a death in the family or another financial emergency occurs, it may be necessary to leave the company, even if it’s not the best time to sell. Therefore, it may be worthwhile to have another source of income in the event that a business owner is forced to sell at a loss or otherwise less than market value.

It is also a good idea to guard against personal liability while running a company. While incorporating a company can put a clear line between the company and its owner, that may not be enough by itself. A business owner may want to consider getting insurance to help financially guard against damages caused in an accident or if the company gets sued for any reason.

Prior to starting a new business, it may be a good idea to talk to an attorney. An attorney may be able to help with incorporation documents as well as help to draft agreements between founders. It may also be possible to discuss insurance and other liability matters with legal counsel, which may reduce the odds of financial loss or even the end of the business because of lawsuit or judgment against the company.

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