Hi there fellow business owners,
I recently hosted a webinar on a crucial topic for all business owners: protecting your business assets. I wanted to share a few key takeaways that will help safeguard both your personal and business finances.
Here are some essential steps to consider:
Establish a Company Structure:
Set up your business using a company structure, either as a trading entity or trustee, to limit your personal liability.
Careful Director Selection:
Think carefully about who the directors are, particularly when personal assets are at stake.
Secure Loans:
Ensure any loans made to others or between entities are secured to protect your financial position.
Alternative Asset Ownership:
For high-value assets (like commercial premises), it’s wise to hold them outside your trading entity to reduce exposure to business risks.
Review Trade Terms:
Make sure your credit policies only extend credit to reliable customers to avoid unnecessary risks.
Adequate Insurance Coverage:
Ensure your business has comprehensive insurance, including coverage for business interruption and liability.
Personal Financial Planning:
Take steps to manage your wealth outside of the business and create a plan for the future, including an up-to-date will and powers of attorney.
By taking these steps, you can protect your assets and secure your financial future.
Watch the video here where I talk about The Importance of Protecting Your Assets
Mick
I’d love to help you achieve your business dreams, please don’t hesitate to contact me;
07 5646 4050
mick@ignitionaccountants.com
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