Owning your own business can bring great rewards, but can also come with great risk. At risk are the assets of the business, such as cash, stock and office equipment for example. However, risk can also extend to, and expose personal assets such as your home, contents, superannuation funds and cars.
What would happen for example, if your biggest supplier became bankrupt and impacted your ability to fulfil sales? Or if your cash flow dried up and you could no longer service you business loan? What would happen if you were sued for negligence or malpractice? While insurance can be an important part of asset protection and risk mitigation, insurance alone would most likely not cover these scenarios.
It is critical that asset protection is addressed both when you start your business, and every year after. With a properly structured business and appropriate business processes, you can limit the risk if you were to be sued or if you had to wind up the business.
SS TAX can advise you on how best to structure your business and financial affairs in order to mitigate risk and give you peace of mind that your hard-earned assets are secure.
We offer broad experience in asset protection, including:
- Risk mitigation and management
Contact us if you would like to better understand how to best protect your business and personal assets.