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Are you invoicing, renting or signing contracts in your own name or using your personal ID?
If you invoice, rent or sign contracts in your own name or with your personal ID, a business setback could put your entire family’s assets at risk. In this video, Ronald Ramírez explains the three immediate advantages of forming a company:
- Asset protection. The company is liable with its own assets, protecting your home, savings, vehicles and the rest of your personal property.
- Clear rules among partners. Ownership percentages, profit margins and what happens if a partner decides to leave are set from the start.
- Growth and credibility. Keeping your company’s legal registration up to date helps with banks when applying for loans, signing contracts and taking part in public tenders, as well as when applying for SME status.
Doing things right from the start costs less than resolving legal problems later.