(Entrepreneur) — Unfortunately, many businesses hit bumps along the way–and some just flat-out fail. So it’s critical that business owners protect their personal assets in case their own businesses don’t have storybook endings. Make sure you have these pieces in place to keep your individual assets separate from your business dealings. Organize. Establish the business as a corporation or limited liability companyrather than operate as a partnership or sole proprietorship, says Asher Rubinstein, a New York City asset protection attorney. “However, don’t assume setting up a separate entity automatically protects you,” he says.