Martin Shenkman, Law Easy, laweasy.com, trust and estate planning. For ownersof closely held businesses there are a number of planning steps to protect personal assets as well as the integrity of your business. Most businesses are organized in an entity format, such as the S corporation, the C corporation or an LLC, Limited Liability Corporation. The Limited Liability Corp. is the most common. Have an entity-not yourself-own the business. If you structure your business in the formation as expalined you should be able to generate a more business-like image, and protect your home and other assets from a business claimant. Any entity