Business - Creditor Protection
As a sole proprietor you are personally at more risk as your personal assets are fully exposed. Putting personal assets in your spouse's name provides some protection but leads to difficulties should marital issues occur. Protection for your personal assets is one of the prime motivations for incorporation although even incorporation isn't complete protection if you have personally guaranteed or provided personal collateral for business loans.
While incorporation generally protects your personal assets, other strategies must be employed to protect your business assets. Utilization of insurance company products (life insurance, segregated funds, RRSPs, annuities etc.) generally provide such protection as long as the beneficiary is properly designated. Company re-structuring utilizing HOLDCOs and Trusts can provide protection as well.
Let Transitions Wealth Strategies ensure that you are protected. It is too late to put these protection strategies in place if insolvency or litigation is already on the horizon.