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Will You Add? - Asset Protection for Entrepreneurs
“He who suffers from paralysis of analysis, is destined to be stuck in a rut.” -Unknown“Great ideas have a very short shelf life.”-John M. ShanahanResearch. Analyze. Ponder. . . The Acronym is “R.A.P.” For the purposes of this article, “rapping” will refer to the former.Now that we’ve established that, let’s delve into the subject more deeply. Do you realize that the cost of rapping can be more hurtful than helpful? That is, if you don’t kno
Personal guarantees are another common source of financial exposure. Lenders, landlords and leasing companies often ask for a personal guarantee from the owner of a small business. This means exactly what it says; you are providing a personal guarantee of repayment. If your business can’t make the payments the creditor can and will go after you and your personal assets.
Many entrepreneurs use personal credit cards and credit lines to get started.
What is a brand? Can you define it?A brand is a name of a product or business that seeks to differentiate itself from its competitors based upon its uniqueness. It often is associated with a logo, tagline, color and graphic elements, but it is much more than that.It is the customer experience associated with the brand, and it is the value gained by associating with the brand. That value can be both actual and perceived. This can be helped by advertising and the media—yo
Unfortunately, asset protection is often ignored or lost in the long list of things to do when starting or building your business. This mistake can cost you and your family when you least expect it.
What’s Involved in Protecting Your Assets?
Asset protection planning is a simple concept. First you catalogue all of your personal and business assets, such as bank and brokerage accounts, personal property and real estate, etc. Next you identify possible financial threats and then you insulate yourself from threats using a combination of different legal entities (trusts, corporations, limited liability companies, etc.) and insurance.
Properly done, this will help protect your current and future assets from loss due to the hazards of everyday life, such as lawsuits, business failures, and creditor claims.
To create an asset protection plan, you’ll need to review your potential exposure to financial loss, assess the different types of protection available, evaluate potential tax issues involved and analyze your ongoing personal financial needs, such as qualifying for mortgages and easily accessing assets when required. You should work with competent financial and legal advisors who are familiar with asset protection strategies.
Small Business Owners Beware
As a small business owner, there are several areas that warrant your concern. The first is to take financial liability issues into account when you choose the type of legal structure within which you’ll run your business (corporation, limited liability company, etc.). Once established, take care to follow the legal requirements of the entity you choose, so that you don’t jeopardize your personal assets. Some examples of this are not mixing business and personal expenses, not treating your business bank accounts as personal piggybanks, keeping necessary records, having the proper corporate officers and establishing a Board of Directors in corporations.
Personal guarantees are another common source of financial exposure. Lenders, landlords and leasing companies often ask for a personal guarantee from the owner of a small business. This means exactly what it says; you are providing a personal guarantee of repayment. If your business can’t make the payments the creditor can and will go after you and your personal assets.
Many entrepreneurs use personal credit cards and credit lines to get started.
Financial Planners work hard and must know their stuff. Usually they get their start in the industry working for a wire house or stock broker company and learn exactly what they do not like about the business and why. For those who become financial planners no matter which path the take to get their, they know they must assess risk and reward based on the individuals place in life, age and risk adversity. Being a financial planner can be quite rewarding in many ways and sometimes str
Properly done, this will help protect your current and future assets from loss due to the hazards of everyday life, such as lawsuits, business failures, and creditor claims.
To create an asset protection plan, you’ll need to review your potential exposure to financial loss, assess the different types of protection available, evaluate potential tax issues involved and analyze your ongoing personal financial needs, such as qualifying for mortgages and easily accessing assets when required. You should work with competent financial and legal advisors who are familiar with asset protection strategies.
Small Business Owners Beware
As a small business owner, there are several areas that warrant your concern. The first is to take financial liability issues into account when you choose the type of legal structure within which you’ll run your business (corporation, limited liability company, etc.). Once established, take care to follow the legal requirements of the entity you choose, so that you don’t jeopardize your personal assets. Some examples of this are not mixing business and personal expenses, not treating your business bank accounts as personal piggybanks, keeping necessary records, having the proper corporate officers and establishing a Board of Directors in corporations.
Personal guarantees are another common source of financial exposure. Lenders, landlords and leasing companies often ask for a personal guarantee from the owner of a small business. This means exactly what it says; you are providing a personal guarantee of repayment. If your business can’t make the payments the creditor can and will go after you and your personal assets.
Many entrepreneurs use personal credit cards and credit lines to get started.
Choosing the right barcode printer for your needs can be a bit overwhelming. There are a few questions you must ask yourself before buying a printer. The first is what are you printing? Most people use a thermal barcode printer to print labels or tags. The paper that runs through these printers isn't standard laser paper. Depending on what printer you buy, it may require a certain type of paper. Smaller, desktop printers are great for running small batches of labels or tags. The
To create an asset protection plan, you’ll need to review your potential exposure to financial loss, assess the different types of protection available, evaluate potential tax issues involved and analyze your ongoing personal financial needs, such as qualifying for mortgages and easily accessing assets when required. You should work with competent financial and legal advisors who are familiar with asset protection strategies.
Small Business Owners Beware
As a small business owner, there are several areas that warrant your concern. The first is to take financial liability issues into account when you choose the type of legal structure within which you’ll run your business (corporation, limited liability company, etc.). Once established, take care to follow the legal requirements of the entity you choose, so that you don’t jeopardize your personal assets. Some examples of this are not mixing business and personal expenses, not treating your business bank accounts as personal piggybanks, keeping necessary records, having the proper corporate officers and establishing a Board of Directors in corporations.
Personal guarantees are another common source of financial exposure. Lenders, landlords and leasing companies often ask for a personal guarantee from the owner of a small business. This means exactly what it says; you are providing a personal guarantee of repayment. If your business can’t make the payments the creditor can and will go after you and your personal assets.
Many entrepreneurs use personal credit cards and credit lines to get started.
Well, it's that time of year again. No, not the holidays. It's Super Bowl ad writing time.And all the big boys at all the fancy advertising agencies across the country are, as we speak, camping out at Starbucks and abandoning all thoughts of REM sleep, and disappointing spouses (yet again) in the unrealistic hopes of writing an ad that somehow makes it onto the Super Bowl.And they go through this pain and suffering because every one of them knows that writing a Super Bo
Personal guarantees are another common source of financial exposure. Lenders, landlords and leasing companies often ask for a personal guarantee from the owner of a small business. This means exactly what it says; you are providing a personal guarantee of repayment. If your business can’t make the payments the creditor can and will go after you and your personal assets.
Many entrepreneurs use personal credit cards and credit lines to get started.
I was reading the local paper and came across a picture of the cleanest garage I ever saw. In addition to a picture of the garage there was a picture of a gentlemen, in his late 60's cleaning the cobwebs with an extension pole. I thought to myself I have never seen a garage so clean in my life. The accompanying article was discussing how this individual and another had painted and put cabinets in their garages, and how you could eat off this garage floor. Now we have all see
Personal guarantees are another common source of financial exposure. Lenders, landlords and leasing companies often ask for a personal guarantee from the owner of a small business. This means exactly what it says; you are providing a personal guarantee of repayment. If your business can’t make the payments the creditor can and will go after you and your personal assets.
Many entrepreneurs use personal credit cards and credit lines to get started. This may give you the credit you need, but it is ultimately a personal obligation. So if your business doesn’t have the cash flow to pay the bill, you’ll have to deal with these credit balances yourself. And the hefty finance charges can add up fast. Use extreme caution when leveraging personal credit for business use.
And then there is insurance. Small businesses often underinsure to keep overhead expenses low. This is risky. Losses do happen and they can quickly put an under-protected company out of business or hamper it severely. Be realistic when evaluating the type (liability, property, malpractice, etc.) and the amount of insurance you carry.
Be Safe, Not Sorry – Protect Your Assets Depending on your individual situation, there are a variety of asset protection tools from which to choose ranging from the relatively straightforward, such as insurance, to the extremely complex involving off-shore trusts and multiple legal entities.
Seek the advice of financial planners and attorneys who specialize in this area. It is an investment in your financial security. Once you are on the wrong side of a lawsuit, it is too late to protect your assets.
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