This advice usually applies to businesses that have been established for awhile. However, it never hurts to plan ahead when it comes to protecting your home business assets.
You would be surprised what others will try to take form you if they know it could make a profit for them. This could include one of several of your valuable assets, including some you have not thought of. Take a look at the list below:
* Your website domain: One of the most common thefts from home business owners is a website domain. The more profitable a domain the greater chance of it being stolen. However, this can be prevented by taking extra precaution.
Theft of a domain is accomplished in a variety of ways, including by way of malicious redirect practices. In order to protect your domain make sure you use property security measures. These are usually provided by your web host.
* Your Trademark: In order for your trademarked to be protected, it needs to be registered with the U.S. Patent and Trademark Office. This process does take some time, but in the end if your brand is around long enough know one else will have the right to secure it. Once it is yours, it will be yours for life. A registered trademark is likely to stand up in court more than an unregistered one.
* Patents: These are usually registered in the same office as trademarks. This action gives you total rights to an invention that you have created. Several legal steps are usually involved in proving that you own a certain right to an invention. However, it is more likely that you will win your case if you own one or more patents.
* Copyrights: Protection of work created by you is usually granted by the U.S. Copyright Office. Steps involved in copyright registration are similar to the steps involved in registration of a trademark or patent. Usually you stand a better chance of proving in court that a particular work was first created by you if you hold legal rights to it.
* Products: Whether you offer your own products or someone else’s you will want to purchase adequate insurance. This will protect you in case of theft or loss. It also could safeguard you against damage replacement expense.
* Personal assets: As your home business grows, you may want to consider taking steps to protect your personal assets. Usually this involves becoming a corporation or LLC (Limited Liability Corporation). Incorporation costs on average between $50.00 and $250.00. Doing this could help you keep your home, your car, or other property in case of closure.
* Investment accounts: When your company is properly insured, it can help protect your investment accounts. Several legal steps are needed to secure this type of asset that can otherwise be taken from you in case of a business closure.
Certain rights such as patent, trademark, and copyright, are considered intangible assets. Tangible assets include items such as business supplies, personal property, and investment accounts.
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How to Protect your Home Business Assets
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