Don’t be. We help business owners find solutions using Company Structure Asset Protection and other strategies everyday.
There are many ways company structuring can work to protect your personal and business assets in a business crisis. We’ll advise you when, where and how to apply those strategies.
Which do I choose? Sole trader vs company vs trust? If you trade using just an ABN, what risks are you taking? Is the cost of setting up and keeping a company legally compliant worth the extra cost for your business?
Businesses often evolve, you might find that two people working together become a partnership, or at least may expose each other to risk.
So how can businesses protect the assets of sole proprietors and partners?
What is the best company structure to protect assets? Fit for purpose structures can be fairly straightforward to set up and manage.
You do need to act early, get good advice and to stay compliant.
A lot of people don’t distinguish between their business and themselves. And often they take loans against their homes, or are using business assets for personal use and so on.
Too rarely people think about how to protect their home, or keep the kids in a good school when things turn sour.
All too often too, people don’t ask themselves what might happen to their business if they enter a new relationship, or go through a divorce.
Business asset protection is a bit about planning ahead, and a bit about thinking through risks and change. How can you avoid being personally liable for business debt? Are you sure your hard work and home are protected?
Liquidators will often find and defeat trusts and other structures set up by non-specialist lawyers and untrustworthy advisors. You can spend a great deal of money getting bad advice – which sometimes can get you into serious trouble.
What is the best trust structure for asset protection? Is a trust the answer?
A discussion with an experienced business asset protection adviser will ensure you have thought through what you are doing to protect your business and home.
They’ll help you consider the costs to set up and maintain something like a trust, and importantly, what risks you are taking and why.
If you are in a spot of bother, or in a dispute, be very wary if someone tells you about how to hide assets from creditors the ‘legal way’.
Creditors, liquidators and the regulator will defeat sham deals. Only talk restructuring or debt negotiation with a recognised expert.
If you’re thinking about how to protect personal assets from business creditors, ask yourself – how good a job have I done keeping my private family wealth away from risk?
Director’s Guarantees can be hard to avoid, but be careful, some quite minor trade contracts can hold you personally liable for debts.
If you are unsure, or are at real risk, you need business asset protection advice about how you’re exposed to that risk, and what steps you need to take to help protect your family home and assets.
A Director’s Advocate is a skilled business professional, often with extensive experience, who supports company directors and business owners throughout the process of liquidation.
During liquidation, the DA is very likely the only source of professional, independent support and advice.
Every other professional involved must abide by legal and other responsibilities that, by their nature conflict with those of the director.
If your needs are more specific, we’re here to help. If you’re not sure, if there’s more than one issue you’d like to discuss, or if you need help right away, contact us now – it’s likely we’ve dealt with the problem before.
Any or all of these reasons for business owners with a Pty Ltd company who:
If you have personal assets you want to protect, like a family home or director’s guarantees, this may not be for you, but you should ask us.
