As an established or new business the global economy has a near unlimited way of impacting upon your business. The unforeseeable and out of your control, or even an accident may threaten assets. While you do often have to risk it to get the biscuit, you can certainly lower the risk factor significantly with established accounting practices.
Asset protection may not sound like it is a big deal given your specialised knowledge, though it surely is better to be safe than sorry, and pick up some other knowledge often along the way. Traditionally strategies for asset protection involve:
business structure(s) see Business Structure: Start-up Businesses & Restructuring
the right agreements (shareholders agreement, partnership agreement, buy/ sell agreement, etc), and
the right insurance(s) (business, income protection, trauma, TPD, life, etc).
These structures often mean more than security too, they may have implications around how much tax you will pay. Business structures focusing on tax implications is covered in another blog if you wish to read this as well. Though structures also effect liability. If you are sued, go bankrupt or alike you may wish to have your business separate from your personal assets such as your home. Different means of ownership permit this, and we are happy to discuss in depth your personal options.
The most common means of asset protection is a trust, as discussed in Trusts: A form of Asset Protection
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