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Asset protection for business owners
Manage episode 429269262 series 3363549
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In this episode, Stuart and Mena dive into the crucial topic of asset protection for business owners. They explore the various risks that business owners face, both from a business and personal standpoint. On the business side, they discuss the importance of maintaining a safe workplace, managing employee entitlements and ATO liabilities, and the dangers of trading while insolvent. On the personal side, they highlight risks like personal injury on your property and the complexities of relationship breakdowns.
Stuart and Mena provide practical advice on how to safeguard assets through effective company structures and corporate trustees, emphasising the importance of not mixing business with personal investments. They also cover strategies to protect against relationship breakdowns, such as Binding Financial Agreements (BFAs) and retaining control over assets through specific legal designations.
Listeners will gain valuable insights into how to protect themselves from external creditors, the importance of consulting with an accountant who understands their specific risks, and why having a comprehensive asset protection plan is essential for long-term financial security. This episode is a must-listen for business owners looking to shield their assets from potential threats and ensure their financial future remains secure.
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IMPORTANT: This podcast provides general information about finance, taxes, and credit. This means that the content does not consider your specific objectives, financial situation, or needs. It is crucial for you to assess whether the information is suitable for your circumstances before taking any actions based on it. If you find yourself uncertain about the relevance or your specific needs, it is advisable to seek advice from a licensed and trustworthy professional.
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