Asset Protection Advice
How to protect assets from bankruptcy
Protecting assets is an essential feature of sound business planning. Our approach to asset protection advice is different because:
- We understand that what may be Asset Protection is not always tax effective.
- We work with Accountants and Lawyers to ensure that any strategies put in place are executed correctly, are legal and compliant and that the risks and advantages are fully explained.
- We understand that Asset Protection is sometimes a long term strategy.
‘Your business assets allow you to run a successful business. Your personal assets are the rewards of the hard work you put into your business. Asset protection can often be quite simple. Don’t risk the fruits of your hard labour for the sake of a simple inquiry.’
Company Asset Protection Advice
The importance of choosing the right business structure cannot be overstated.
Then understanding and managing your business structure is critical. The best structure in the world will not survive an insolvency event if it is not managed properly.
We see first hand the results of businesses going through insolvency, so we understand the risks associated with business structures, and we know how to minimize those risks.
Personal Asset Protection Advice
Your Questions Answered
Good Business Structures will always protect the asset of Sole Traders. However, business owners should seek the advice of Professionals before setting them up. Why? Because there are always associated tax implications. There are also agreements that need to be drawn up in conjunction with these structures to ensure that they adequately protect you.
The advantage of speaking to a consulting firm such as ours is that we see firsthand the structures that work and the ones that don’t. And we will ensure that any work is done in conjunction with legal and accounting advice.
A business asset is anything of value used in your business to assist you to earn income.
This can range from tangible assets such as:
- business contracts
- computers, furniture, machinery, vehicles
- intellectual assets such as websites, trade marks, social media sites
to intangible assets such as goodwill.
Asset protection works by ensuring that the owner of the asset is not at risk of insolvency if business fails.
Many business owners think they have asset protection in place, but a review of their structures often proves this is not the case.
Your Directors Advocate specialises in reviewing business structures to identify any areas of risk and suggest changes.