Asset protection is not something that is complex. In fact, it is simpler than you can expect. If you ever had a thought of losing your assets, then you are exactly at the right place! We will guide you with ultimate steps to legitimately secure your assets.
- Get your asset insured
First things first, have your asset insured by a good insurance company so that any uncertainty would not impact you or your business to any extent. Moreover, you must be vigilant in choosing proper package of insurance for your assets as your quantity of assets might grow in the future. So, choose wisely.
- Have your assets properly documented
Owning an asset requires proper documentation. The ownership of any asset can be claimed by anyone and would leave in you hazzle unless you follow proper procedure and contract of owning an asset.
- Don’t mix cash with other assets
Cash as an asset can be used by owner for personal expenses. However, we would not recommend using cash for personal expenses, as it would create difficulty for you in meeting the usual needs of a business that requires working capital. Saving up cash would allow you to have your assets maintained and functional.
- Choose appropriate entity of business
One thing that you must consider is that asset protection is much stronger in limited liability company (LLC) than sole proprietorship, as running a business on your own would allow law firms to find leverage against tax for your assets. The LLC however, would tell others that your assets are protected and also attract investments.
If you want to protect your assets as a sole proprietor, you can visit this site https://simply-unified.com.au/, as it has multiple innovative and technological ways of protecting your asset.
- Tenancy by the Entirety?
If you haven’t heard this phrase before, then now it’s time to put some insight on it. A phrase like this with your property works like a queen of chess. This phrase with your home or property would prevent your asset to get captured as this phrase with your home divides the ownership of property between the spouse. You can easily transfer the ownership of your house to your spouse’s name if an uncertainty occurs at your business
- Fancy a homestead?
Residential property, as one of the invaluable assets owned by you can be protected via homestead exemption. It is a protection of statutory nature that would protect your home in case of bankruptcy.
- Stay protected from umbrella insurance
This kind of insurance is safest and convenient one for you, as it charges around $300-500 a year, while it covers up to $2 million worth of assets. All you have to do don’t get involve in any fraudulent activity and prevent negligence behaviour with the state.
We believe all the assets owned by an individual are valuable, hence our aim is to keep you and your beloved one safe from losing those valuable assets. Risk does exist, but the solutions are there as well.