One of the reasons to build your business credit is to protect your personal assets and eventually have all of your borrowing for the business attached only to the business. But what about the business's assets? How do you protect those? Of course there is insurance, which is absolutely necessary, but what about all of the exposed areas that insurance doesn't cover?

One of our Business Finance Coach members shared his story with us regarding the subject. This business owner went to court to try to enforce his claim that a customer owed him $20,000.  He had written his own contract that, in his mind, was very clear as to what the meaning and intent was. Unfortunately the Judge found a few of the items to not be clear in terms of contract law for that State and ruled that while the contract was "valid" is was also "unenforceable". Bottom line was that he was out $20,000, when with a simple contract review he could have avoided his expensive $20,000 lesson.

The Business Finance Coach provides you with resources to protect the legal interests of your business.