Assets Protection Services Brisbane
We work with many company directors and business owners who call us for advice when it comes to structuring their company, and time and time again we see people who aren’t safeguarding their personal assets!
Even if you have a business succession plan in place, it’s often the case that these fail to consider the business owner and their family assets. For the sake of your business and your family, it’s vital that you consider asset protection because things can – and do – go wrong.
Why Structuring your Business is Important
There are a few key areas that are integral to the choice of your business structure.
- Liability and risk of exposure to your personal assets from your business
- Whether you want (or plan to have in the future) business partners or investors
- What the administration costs are for setting up your business structure
- The taxation involved with your business structure
There are various pros and cons for each business structure, and it is important you consult our experienced Brisbane accoutning team to find the best solution for you.
Assets Protection Strategies
Many unique investment strategies allow you to continue earning competitive rates on your money while still being protected against losses. With our help, you can participate in market gains, lock in any interest that you earn every year, and avoid losses wherever possible.
One way that we can help you with asset protection is to make sure that you have the right kinds of asset distribution covered by the right kinds of insurance. Our accountants Brisbane team can help you with your personal asset protection.
Your Business Structure Options
You have four options for setting up your business and our accountants can help you decide.
Sole Trader
This is the simplest and least expensive option when it comes to registering a business. This structure is the best suited to people who are the sole owner, but it doesn’t offer you much protection is something goes wrong. If your business is liable for anything, your personal assets are at stake.
Company
This makes your business as a separate entity from you, and while it can be expensive to set up and may require quite a bit of paperwork, it offers your personal assets protection from business liability, in the event of legal action, only your company assets are liable.
Partnership
When you have a partnership with your business, you can work with multiple people and share income. These structures are easier and less expensive to set up, but everyone is personally liable for business debts and actions against the partnership. You’re also liable for any debts that are incurred by other partners, and this means you don’t have nay protections for your personal assets.
Trust
This isn’t an organisation – it’s a legal structure which is put in place to hold your business assets. You can set up a trust to hold assets and then appoint a trustee who will manage the assets. In many cases, the trustee is a company, and the trust is there to offer asset protection and helps to manage the liability for the business. A trust is a good thing when it comes to tax, but they are complicated and costly to establish.
The ultimate risk of not setting up your company with the right structure for your business is that your personal assets can be at risk if your business is sued. You’re also stuck with business debts including any tax. If you are serious about growing your business, then you might consider a company structure (a Pty Ltd Company) as this allows you to grow. The costs of running a company are high, though, and you need to speak to our dedicated accounting Brisbane experts to ensure the best option for structuring business.
Speak with us
Assets Protection Strategies
Many unique investment strategies allow you to continue earning competitive rates on your money while still being protected against losses. With our help, you can participate in market gains, lock in any interest that you earn every year, and avoid losses wherever possible.
One way that we can help you with asset protection is to make sure that you have the right kinds of asset distribution covered by the right kinds of insurance. Our accountants Brisbane team can help you with your personal asset protection.
Get in touch
Contact us today to find out how we can help you.