Why You Should Choose To Have An Asset Protection For Your Business

by

27 February 2019

Business

Asset Protection

Business owners focus so much on accumulating wealth but spend very little time protecting their assets. But the sad truth is that we live in a lawsuit-frenzy society and as a business owner you are ever vulnerable to many risks that can put your assets – home, savings, and business – at stake.

Why asset protection is vital?

Nowadays, having a solid asset protection plan is not an option but a necessity. And this is true not just for business owners but to anyone who may be perceived to own substantial assets. If you are a potential target of creditors, lawsuits, or any other legal threat, planning asset protection should be a priority.

Basically, asset protection strategies help safeguard your assets and wealth from potential attacks in the future. Contrary to what many people think, it is not only your savings and properties that may be at risk in case of an unfair adjudication.

Everything that is of value, including business interests, real estate, investment properties, commercial properties, intellectual property, and other properties such as cars, art, boats, art, and jewelry, can be targeted by creditors. The good news is that there are specific asset protection strategies that can help secure a different type of assets. When you implement the right measures, you can rest assured that your assets are safe even in the face of lawsuits and liabilities.

Who needs asset protection?

A common misconception people have regarding asset protection is that an individual first needs to have significant wealth to start devising a plan. But the reality is that lawsuits can be filed not just against businesspeople but to anyone, regardless of backgrounds and levels of affluence. As long as people think that you own substantial assets, you can be targeted with frivolous lawsuits.

Some individuals who may need asset protection include:

  • Young entrepreneurs who wish to secure their assets before entering into a risky venture;
  • Retirees preserving their assets for their beneficiaries;
  • Individuals protecting their properties from growing medical bills;
  • Individuals engaged in a profession with a high degree of liability (medical professionals, real estate investors/developers, lawyers, financial advisors, accountants);
  • Debtors and/or guarantors;
  • Business owners running a business with the poor financial state;
  • Individuals from the affluent class with assets from around the world;
  • Married couples with a souring marriage that is heading to divorce;
  • Individuals facing a possible tax or other government liability;
  • Business owners whose business may be affected by new laws or create new liabilities not covered by any insurance;
  • People about to receive or have gained a substantial amount of wealth through inheritance, vesting event, corporate success, business acquisition, etc.; and
  • People expecting a lawsuit or at high risk of being sued.

Basically, everyone who has accumulated any asset will eventually need asset protection.

How to protect assets?

As mentioned above, different strategies can be used to protect your assets. They can be classified either as domestic or offshore.

Domestic asset protection strategies involve the use of domestic laws and business structure. The simplest is choosing the appropriate business entity, such as corporations, limited partnerships, and trusts. As stated by an asset protection consultant at CS&P, by registering a business entity, you can benefit from having a corporate veil that completely segregates business and personal assets. This protects your assets in case of lawsuits and other liabilities.

Other asset protection measures that leverage domestic laws include the proper use of contracts and agreements, purchasing appropriate insurance policies as well as umbrella insurance, segregating assets and assigning them to a spouse, and using homestead exemption. A comprehensive estate and trust planning can also provide a solid form of asset protection. It is recommended to do trust planning before you establish a new company.

Offshore or international asset protection strategies are among the most successful methods to preserve your wealth. These are very confidential and secure ways of shielding your assets. This involves the establishment and transfer of assets to a corporation or trust based in a foreign territory. However, the process can be quite daunting, especially for those unfamiliar with its intricacies. It requires the help of experienced asset protection specialist to ensure that the process complies with the laws of both the origin and destination territory.

Read Also:

I enjoy writing and I write quality guest posts on topics of my interest and passion. I have been doing this since my college days. My special interests are in health, fitness, food and following the latest trends in these areas. I am an editor at Content Rally.

View all posts

Leave a Reply

Your email address will not be published. Required fields are marked *

Related

Wheelchair Lifts

Benefits of Installing Dallas Wheelchair Lifts in Your Business

The American Disabilities Act has been approved to standardize building accessibility for people with disabilities and mobility issues. This ensures that public areas and businesses remain accessible and inclusive even to invalids. While most people who move within buildings are able-bodied and have no problems with mobility, giving access to wheelchaired individuals can be a significant game-changer.Elevators may be impractical and space-consuming for buildings that only have two stories. Sometimes, ramps are also not a viable solution because of the building layout. In both of these cases, a wheelchair lift can definitely serve as a perfect alternative. Basic Types of Wheelchair Lifts: There are two types of wheelchair lifts: the inclined wheelchair lift and the vertical wheelchair lift. Incline wheelchair lifts are installed for climbing up and down the stairs. It has a rail and platform that can carry a wheelchair person from one flight of stairs to the next. It works very similar to stairlifts.Vertical wheelchair lifts, on the other hand, work very much like a standard elevator. Instead of the rail traveling parallel to the flight of stairs, it brings the wheelchaired person from one floor to another. Most types of vertical wheelchair lifts are good for both indoor and outdoor use. Anti-skid platforms keep wheelchaired passengers safe during their rides. Convenience and Safety: Putting in a ramp can make your building more accessible, but sometimes it’s not exactly safe and convenient for a wheelchaired individual. Wheelchair lifts not only make mobility more possible for people with disabilities, but it also ensures that they safely get to another floor without too many problems. It provides convenience because there’s no need for them to get out of their wheelchairs to reach their destination.Wheelchair lifts don’t take up much space but it certainly makes traveling up and down the stairs a lot easier and doable. This is especially helpful for wheelchair users who can’t use their upper body to roll their wheelchair up and down a ramp. Freedom and Accessibility for People with Disabilities: Living in a world that’s mostly catered to able-bodied people is very tough for people who are bound to a wheelchair. Aside from doors not being wide enough for them to easily pass through, sometimes stairs are the only way to move between floors.Many of us take our freedom of movement for granted. After all, we can easily go about our daily lives. Unfortunately, people with disabilities aren’t afforded the same freedom and ease of access. The absence of wheelchair lifts can only compound the problem since it makes them unable to appreciate everything that a business has to offer.A business with a wheelchair lift allows a wheelchaired individual to explore a building in the same way that an able-bodied person can. It gives people with disabilities more freedom without having to worry about asking for too much help from family and friends. Providing this kind of independence is one of the key ways to ensure that people with disabilities are able to move at their own pace without having to rely on others. Business Versatility and Inclusiveness: Although the majority of a business’ customers are able-bodied individuals, there’ll always be a few who happen to be disabled. Acknowledging is the first step to being more empathetic and inclusive. From a business standpoint, providing convenient wheelchair access will make people with disabilities want to visit and explore an establishment.It’s basically a win-win situation for both the business and the wheelchaired people that’ll be enticed by their inclusivity attempts. For example, a wheelchaired individual may be interested in checking out a store’s products but couldn’t do so because it isn’t exactly disability-friendly. However, once a wheelchair lift is installed, they now have the freedom to see the store’s products. The wheelchaired person now gets access to what they want, and the business gets a customer out of it. The Final Thoughts While regular elevators can do the job of carrying a wheelchaired individual between floors, wheelchair lifts are more preferred by people with disabilities. This is because they’re specially tailored to accommodate and transport wheelchairs.Wheelchair lifts don’t only make people’s lives easier, it also broadens a business’ customer base. Hence, it’s important to choose the right type of wheelchair lift to maximize its benefits.Read Also:Why Hiring Van Is More Beneficial? 6 Reasons Why Vehicles Are Now Safer Than Ever Tips For Renting A Wheelchair Van At Your Destination

READ MOREDetails
Virtual Office

How Your Singapore Business Could Benefit From A Virtual Office

Why put your firm through unnecessary stress in its early stages when you could run it like a full-fledged office? The corporate landscape is rapidly evolving, and there are a variety of adaptable solutions available to assist small and start-ups businesses in operating at a minimal cost. The virtual office business concept has a lot of potential for your company. Read on to explore some benefits of virtual offices in Singapore for your business.Your firm’s reputation heavily influences the prosperity of your business. Therefore, it is critical to consider how prospective customers see your company.When prospective customers hear that you work remotely, they will be reluctant to work with you. Fortunately, with a virtual office, you can display a high-end office address on your site and business cards. A premium office address enhances your company’s image and gives clients the impression that you are a professional business.Moreover, virtual offices in Singapore could assist your business in establishing itself in regions relevant to your industry. Customers will have an easier time finding your business in this location. Decreased Overhead CostsWith virtual offices, you do not have to spend cash on office furniture or buy anything upfront. Costly overhead expenditures can quickly bankrupt a company, leaving little money for wages and general maintenance.A virtual office allows you to save money in the initial stages of your firm. As a result, you can save up emergency funds to keep your firm afloat if something unforeseen occurs. Enhanced FlexibilitySetting up a virtual office is simple, rendering it a very flexible alternative when shifting locations. Besides, while obtaining a virtual office, you do not need to sign a lengthy lease agreement. This implies that if your company has financial difficulties, you could readily terminate your lease agreement until things improve.Often, virtual office providers provide flexible contract terms. This allows you to incorporate or eliminate services as needed. You could suggest that the terms be changed to match your requirements. Access to Crucial Business Infrastructure When launching a new business, you will need some amenities like a boardroom, which might be costly to set up. Numerous virtual office providers provide the necessary facilities and equipment to establish a full-fledged workplace. All of these services are available on a pay-as-you-go basis when you use a virtual office; thus, saving you a significant amount of money while also boosting your business’ profile. Aids in the Overcoming of Geographical Obstacles Some companies hire remote workers who come from various parts of the world. It does not make sense to have a fixed office for all these personnel. Nonetheless, finding a common address, as well as a venue for client and board meetings, is critical. There are also businesses where all workers work remotely, but they still require administrative assistance from virtual office providers.In today’s tech-savvy world, a growing number of businesses no longer see the value in sticking to a traditional company strategy and standard office headquarters. Whether a start-up or an already established organization, you could enjoy numerous advantages with this business model.Additional Reading:Business Tips For Beginner Entrepreneurs 5 Strategic Ways To Automate Your Internal Business Workflows Benefits of penetration testing To Businesses

READ MOREDetails
company’s customers are content

Tips for ensuring your company’s customers are content with its content

Ensuring customer satisfaction is high is one of the most important parts of the business. Without customers being content, there will be little customer retention, and this can impact customer acquisition. Here are a few tips for ensuring that your company’s customers are content with your content. 1. It starts before the sale To ensure your customers are satisfied with your products, it starts before the sale. When you list your products online, make sure that everything is listed properly, and all of the information is up to date and accurate. This can go a long way to ensuring your customers choose the right product for their needs 2. Invest some time in your customer service team Similarly, the quality of your customer service can help a lot too. When a customer service team is properly staffed and trained to high quality, this will increase customer confidence in the company. It will also increase customer satisfaction and allow them to make a more informed decision before they even purchase anything.It also allows you to deliver a more personalized and bespoke service. Without your customers, you wouldn’t have a business, so make sure to make them feel special for supporting you. Be available to answer any questions and also acknowledge their needs, personalizing the service that you can give them. 3. Quality control When it comes to the actual products, regularly undergo quality control assessments. This will ensure that if there ever is a problem it will be picked up and rectified as soon as possible. By doing so, there will be less of a negative impact on customer contentment. 4. Use quality packaging It can be easy to overlook your product's packaging in favor of what’s inside. However, the packaging is more important than you might think. In fact, global packaging demand has risen over the past few years.The packaging is the first thing that your customers will see, and what they might make their first impressions on. This is why it is important to choose a quality packaging solution, like those from Duplo International. If your packaging is eye-catching, has a nice feel to it, and is clearly of high quality, customers are more likely to choose your product and be satisfied by its contents. 5. What does the customer want? To make sure that your customers continue to be content with your product or service, regularly compare what you are producing against market research of what your customer base wants. This will make sure that you identify any weaknesses or areas of potential development. 6. Ask for feedback and implement it Arguably the most important tip for ensuring your customers are content with your content is to just ask them their opinion! Whether you ask them to fill in a quick survey or put out a call for product development feedback, embrace your customer’s feedback and implement your findings. If you follow these ideas, your customers will stay content with your company’s products and services.Read Also:Online Marketing: Selling Your Product And Services Tips on How to Create Repeat Customers Not all customers are always right

READ MOREDetails