Fortunately for you, there are many ways you can guard your assets against being seized to pay legal damages. All of them are worth a look, but the first one is the most important:

 

1. Don’t Wait

If you’re waiting for trouble to arise before providing your business with the protection it needs, don’t. Once a lawsuit is filed, it will be too late to put asset protection measures in place. That will only get you accused of fraud. No matter what kind of business you have, protect it today, before the unthinkable happens.

 

2. Keep an Eye on Your Stuff

You must keep accurate documentation of all your assets and liabilities. That means taking inventory regularly, writing things down, and including everything. Keep track of everything you own that has value, including business equipment, savings, retirement accounts, stocks, and personal property. This is also helpful in making sure you have adequate insurance.

 

3. Insure it All

You most likely have insurance – but it’s most likely not enough. You should have the proper business policies in place, as well as an umbrella policy to cover the holes. While insurance is an absolute must, it probably won’t be enough to cover the amount of a suit.

 

4. Structure it Well

When you set up your business, and as it grows, consult an attorney and/or CPA to help you structure it properly. The best business structure can offer protection not only from lawsuits but also from the IRS. You could be amazed at the savings you’ll find with a simple structure change. When it comes to lawsuits, however, your business structure cannot offer complete protection.

 

5. Diversify Your Strategy

When it comes to asset protection, there is no one-stop solution. Speak to a trusted expert about all your options, then choose a plan of action that includes several different components. You will likely need a cocktail of methods for the best protection.

The best thing you can do for your own interests – and peace of mind – is act NOW. An unprotected business is an appealing target for lawsuit-happy people with opportunistic lawyers. Seek out a trustworthy source for asset protection, and you’ll be well protected for any battle that comes your way.

 

Full article here

For more information please contact one of our One Stop Finance Team Below

 

 

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