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One of the best ways to protect your personal assets when running a business. is to use a legally approved form of entity for your business. that protects owners against personal liability. Today, this is commonly a corporation, limited liability company or limited. partnership.
Thus, it makes sense to set up external audits early in the history of your business so compliance with applicable laws and regulations can be achieved as your business grows. Dig Deeper: Learning to Love Whistleblowers. How to Protect Your Business against Fraud: How to Deter Fraud. There are ways to deter fraud. One of the most important steps a business can take is to create a system of awareness at the top level of management. 'Never think that it can't happen here,' Bachman says. 'Create a level of awareness throughout the organization that we're watching for it.