If you are not a business owner, you certainly know of someone who owns a business. It may be big or small but a lot of pride has indeed been put into it the operation. People are passionate about owning their business. The thing is- how do we protect ourselves from the wolves in this litigious society. A strategy that I discovered last week is to place your assets and equipment in a separate entity (LLC, S Corp, C Corp). Two things will happen: 1) you will lower your taxable income by renting the equipment to your new formed leasing company and 2) you will eliminate a degree of risk of suit. This is only an additional layer of securing your wealth/asset/business and you should consult an attorney regarding your specific situation.