Asset protection for both your business and personal assets is an essential consideration for any business owner. It is important to understand the separation between your personal and business assets in case there is a claim against you personally or your business. Obtaining ongoing strategic advice to adapt your asset protection plan is vital for any growing business that wants to ensure it is protected from risks.
What is the purpose of protecting my assets?
There are three primary reasons to protect your assets, these include:
- Compliance with regulations and legislative changes;
- Ensuring that your business is tax-effective; and,
- Protecting your assets from being claimed by individuals or corporations seeking to recover losses through litigation.
By having a strategic plan in place on how your business protects its assets, your business will be able to mitigate its assets to the exposure of risks. A strategic plan also assists in guiding your business on how it will deal with new assets and what your business’ response may be in the event that an asset is exposed to risk.
By planning ahead and taking the time to understand how your assets are protected, you will be better prepared to run your business.
How can I protect my assets?
Seeking and obtaining ongoing advice from legal and financial experts is the most effective method to protect your assets. Most business owners often do not realise that their conduct and operations are exposing their assets to risk which is why it is important to speak to an expert to ensure that you and your business are protected.
Our lawyers at GLG Legal have assisted numerous individuals and businesses in protecting their assets by:
- Identifying which assets belong to you personally and which assets belong to the business
- Identifying the assets which you wish to protect and are in need of protection
- Identifying assets which are potentially at risk
- Explaining and implementing strategies to assist in reducing this risk
For businesses, it is often a matter of restructuring that will provide the most protection to your assets and our lawyers will gladly assist you in determining whether restructuring is the appropriate solution for you.
What is restructuring?
Restructuring refers to changing the business structure of your business. While restructuring is most commonly associated with companies who are forced into voluntary administration or liquidation, there are many benefits in re-organising the governance of your business.
If you are a business owner, you may want to consider reviewing your business structure if any of the following events occur:
- Change in management
- Change in ownership
- Financial reasons
- Operational reasons
- Business growth
- Economic downturn
What are the benefits of restructuring?
Different business structures provide different benefits and therefore, it is important to adapt your business structure as your business grows and changes.
The benefits of restructuring your business will vary depending on numerous factors. However, the primary advantages of reviewing your current business structure and restructuring are:
- Minimising tax
- Protecting assets
- Legislation provides new opportunities that were previously unavailable
- Reducing the risk of litigation
Our commercial lawyers at GLG Legal are well versed in the different types of business structures available and can assist you in determining whether it is time for your business to restructure.
How GLG Legal can help your business
GLG Legal understands the importance of protecting your assets and business restructuring. Having dealt with various clients from different industries, our lawyers are able to provide unique advice that is customised to suit your business, its assets, and its interests.
Our lawyers are able to assist business owners in various ways by:
- Advising and determining which business structure is suitable for your business
- Developing asset protection strategies
- Identifying tax-effective strategies for your business structure
- Minimising transfer duty involved in transactions where possible
- Providing technical advice regarding tax implications for restructuring
- Assisting with the creation of agreements for the new business structure