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Small businesses should structure assets properly to protect themselves against debilitating lawsuits and unnecessary tax expenses. In addition, companies must arm themselves with fiscal knowledge! They can avoid falling prey to many common scams by knowing what a reputable asset protection firm looks like: knowing what to avoid and the proper steps to take when structuring a new business.
Signs of Questionable Firms
In order to ensure that your business isn’t left vulnerable to asset protection scams, learn the hallmarks of non-trustworthy firms. Asset protection firms that offer vague or “one-size-fits-all” plans should send up an immediate red flag. Reputable asset protection firms will offer specific and individualized plans based on your business needs along with professional assistance. They will work one-on-one with you; whereas scammers tend to avoid direct work with clients and seem to vanish when trouble arises. Look for firms committed to staying by your side through any troubles and challenges that arise.
Asset Protection Kits
You might elect to secure and structure your assets on your own, without the aid of an asset protection firm. You can instead purchase a kit It can be risky, but still a valid option. You will need to do diligent research to avoid scams. Most kits are a generalized business plan which can leave open back doors that aggressive lawyers can and will exploit in a lawsuit. If you choose to use a kit, look for options that include the following:
- Ample education materials
- Detailed instructions for both analyzing your current assets and efficiently structuring them
- Clear directions on how to draw up legal papers and most importantly,
- Expert advice at your fingertips in case you get stuck.
Whether you go with a kit or a firm, asset protection is not something to be done alone but rather with experienced and trusted partners at your side.
Protecting Yourself Before You Start Your Business
You can also avoid scams by taking the right precautions when first starting your business. Knowing the market, competition, and financial commitments before hand will help greatly. Even so, planning ahead for every occurrence is impossible, so be flexible and able to adapt as situations change. Having a strong and trusted support system will help you avoid involving bad business partners.
Necessary licenses and permits for your venture are a must, as well as insurance to cover all potential areas of concern. With proper preparation, you can avoid many legal situations. By starting a business with both the proper frame of mind and the appropriate legal prerequisites in place, you’ll have a better foundation to build a well protected business structure and asset protection plan.
Jackson Cooper is a investment & finance enthusiast, involved with the experts at American Society For Asset Protection. Look to American Society For Asset Protection, true leaders in the professional Asset Protection industry, to properly guard your assets from lawsuit & litigation. Connect with them online on Facebook — American Society For Asset Protection orLinkedIn. Learn More On The ASAP YouTube Channel