I have recently set up a business with a partner (under a partnership agreement structure) and am now needing to mitigate any risk to our (my wife and I) personal assets, as under this structure there is no limit to the liability. I am aware a corporation has limited liability to the worth of that business, and also implementing a trust places limits on the value in which one can be sued for. Both options are viable, however, it means re-registering the business and a new ABN. Obviously, I do not intend to be facing lawsuits or litigation regularly, however, my wife has raised her concerns about our personal assets being at risk should the business be faced with anything of the like. Is there an option for a contractual agreement to be implemented in order to place limitations on liability? I have been offered advice which leads me to believe so. Thanks for the help.