Although the majority of executives in charge of small businesses worry about being sued, fewer than one in five have asset protection plans in place. The reason? Most say it's because “asset protection” has never been explained to them.
This is the major finding of a study of 603 small businesses nationwide surveyed by telephone in the fourth quarter of 2003 by Prince & Associates. The Redding, Conn.-based firm found these survey respondents through referrals from accountants.