Issa Asad Gives 4 Tips to Protect Business Assets
Issa Asad Florida Entrepreneur
Business assets are essential, and the necessary protection of assets starts with incorporation of reasonably affordable, tested-and-successful methods as well as simple character. We do not have to go back to the old story.
“The market is already full of laws about books that you could incorporate, and they will yield sturdy protection from cases such as lawsuits and claims,” explained Issa Asad Florida entrepreneur and businessman since 1996. Mr. Asad is the CEO of Q Link Wireless, Hello Mobile, and Quadrant Holdings, all located in South Florida. He is also the author of 4 e-commerce and marketing e-books that can be purchased on Amazon.
Operating and owning a business can be a daunting task. There are a plethora of dangers and no guarantees of succeeding in remaining in the business, forget first about even thriving. Here, Issa Asad Gives 4 Tips to Protect Business Assets:
1. Name assets under your wife or family members
If your way of life or job is riskier than that of your wife, then it would be prudent to put some assets under your wife’s name because your creditors cannot touch the assets under your spouse’s ownership. Hence, the protection of assets in a marriage aspect calls for a strategy where the most crucial assets are put under the ownership of the other spouse to allow minimal risk exposure. In this case, the postnuptial and prenuptial agreement of marital property becomes useful.
2. Ensure proper procedures are held
You will be giving an easy way for creditors to launch an attack on your business assets if you behave fraudulently and ignorant. Therefore you should avoid this mistake by putting the tools and property under your organization’s name, having the subcontractor contracts and agreements, depending on face to face interactions for terms in an essential relationship and having good rental lease agreements. You should always hire insured and licensed professionals to assist you in your business operation.
3. Buy business insurance
Insurance is a critical aspect of your organization, and you have to consider it during your business startup budget. Insurance will assist your organizations to stay in business even after an accident occurs and also provides plaintiffs a different target. Additionally, ensure that you get the most suitable insurance for your business assets.
Different assets require different types of insurance. The premises liability type of insurance can cover your business from lawsuits. You could also get the umbrella insurance since it serves as an’ umbrella’ on all insurance that you may carry.
4. Select the right business type for taxes
You probably have a lot of considerations on tax-planning; however, settling for sole-proprietorship may not be the best method for asset protection. In a sole proprietorship, you are the only owner of the business assets, and thus you expose them to creditors and lawsuits. Putting up the entity, like LLC (limited liability Company) or S corporation is a critical step in business growth and asset protection.
Moreover, keep multiple separate entities. For instance, in case you run a brick and mortar company, and the building is also yours, putting the building under another separate entity provides extra asset protection. In case of lawsuits, you can stay afloat from losses against every asset.
