The best way to protect your assets is not to own any. This flies in the face of the American Dream to own a home, car or stock portfolio. However, it is when you own an asset that it is vulnerable to attack.

John D. Rockefeller said, "Own nothing and control everything."

How do you not own your assets but have use of them as if you did? By setting up a corporate entity to be the owner of the assets while you maintain complete control of them. Correctly set up corporations in the right jurisdiction will provide you with the same bulletproof asset protection that is enjoyed by millionaires and movie stars.

Every business will benefit from a corporation, most business are better suited to a corporation, rather than staying a proprietorship or partnership. Here are just a few of the things that should be considered when deciding to incorporate:

1. Is there liability from the business that I would prefer not to bear personally for? Usually the answer is yes

2. Are there other ways, such as high coverage from insurance that will adequately protect me? Be careful, however, because most insurance policies have significant exclusions, and if the liability is not covered, it may then fall to the business owner. Also, often the majority of the insurance proceeds are spent in legal fees defending a lawsuit, leaving very little to pay out coverage for any settlement or verdict.

3. Am I in a position to estimate most of the wide array of ways that I can have liability? Usually the answer is that some professional assistance will be of help in fully evaluating the full range of potential liability. Finding out when it is too late that you did not think of some of the sources of liability can be a devastating experience in both the life of the entity, and in the lives of the owners.

4. Is there a chance that I may want to sell the business, or raise money by selling some equity in the business, or have the business live on in the event of my death? Many of these issues are made possible, or at least much easier by a properly formed corporation.

5. Under the law, a corporation is an artificial "person," completely separate from the people who own and operate it. Because it is an independent entity, a corporation's debts and taxes are separate from those of its owners, officers, and directors. Therefore, a corporation provides an individual with the greatest personal liability protection. This is the reason why almost all successful people choose to incorporate. It permits them to manage their assets anonymously. Their private corporate lives are never made public. while you own and control your corporation, your identity and ownership can remain a total secret.