The Importance of Protecting Your Business Assets
Whether you own a winery, a building and construction firm or a restaurant chain, protecting your assets is an essential part of running your business. But knowing how to protect your assets isn’t always simple.
Unfortunately, asset protection is not as straight forward as some business owners might think, and not getting it right can expose you to costly legal ramifications (lawsuits) and other threats.
When growing your business, it is natural that your assets will also grow too so it’s important to have an asset protection strategy in place. The larger your business grows, the more you are at risk.
Not securely protecting your business assets can also put your personal assets at risk. As the owner of your business, if your individual assets are not separated from your business, your own personal assets and those of your family may also be at risk due to a failure to correct protecting your wealth.
Some aspects of your business to consider in order to effectively protect your assets include:
Your corporate structure. If you are a sole trader or in a partnership with another individual, your personal assets may be exposed to business liabilities.
Suitable business insurances. Different types of businesses require different insurance policies. The types of insurance you may need include property, product liability, workers compensation and professional indemnity/liability to name a few.
Up to date succession, family or estate planning. A good estate plan not only protects the future of your property and assets, but also protects the future interests of your family.
Protecting your assets from the unexpected
If the unexpected happens and you are no longer in a position to make decisions about the future of your business, your Will won’t come into effect. Ensuring you have a company power of attorney enables someone of your choosing to have the authority to make decisions on behalf of your business.
If you are permanently and significantly injured, a company power of attorney will ensure your business assets are safe and secure and that your wishes for the future of your business can continue.
Get advice from the experts
At Carter Connell, our unique Family Office solution connects you to a wide range of trusted and experienced providers that cover all your essential business needs. From legal services and estate and succession planning to corporate structuring and planning, choosing Carter Connell to look after your business assets is the best option for you and your family’s future.
We also offer a range of professional taxation, accounting and business advisory services to clients in a variety of industries such as hospitality, construction and many more. We focus on helping businesses to achieve long-term success by using innovative and data-driven strategies and a people-first approach that always ensures our clients feel understood.
To learn more about any of our services or to get in touch with one of our trusted partners, contact Carter Connell today.
Disclaimer: this information is of a general nature and should not be viewed as representing financial advice. Users of this information are encouraged to seek further advice if they are unclear as to the meaning of anything contained in this article. Carter Connell accepts no responsibility for any loss suffered as a result of any party using or relying on this article.
