I’m so excited to share that I was a guest on the most recent episode of the “Power Your Profits” podcast—a show with best-selling authors, CEO’s, Leaders, and Bootstrappers that have built profitable businesses and their inspiring stories of how they got there!
Every year I’m in practice, I’m further convinced that fundamental asset protection begins with implementing affordable, tried and true strategies and simple habits. There are laws on the books you can easily implement that will provide you with incredible protection in the event of a claim. Here are 5 critical strategies to consider as part of your personal asset protection plan.
Building a real estate empire takes years and monumental effort. The last thing you want is to leave all of your real estate investments and other assets vulnerable to the claims of creditors and lawsuits. Asset protection for real estate investors is similar to asset protection for other high-net-worth individuals but with an increased emphasis on real estate protection.
Buying a business is a huge decision but when you pull the trigger on buying an existing business, you get the opportunity to become an entrepreneur without starting a small business completely from scratch. Every year more than 500,000 businesses change hands, and that number is expected to skyrocket in the next several years as millions of baby boomers begin retiring and selling their businesses.
Choosing a business structure is a key step when establishing a new business. The structure of a business can has implications for several essential elements of the way the business operates, including taxes and personal liability. A business structure is the legal framework of a company. It sets out key factors like ownership and profit distribution. The structure of a business should be established before it is registered with local, state or federal governments and should be chosen carefully. It can be costly and restrictive to make changes later. The business structure you choose can influence key elements of the business, including day to day operations, risk of personal liability, ability to raise capital funds, and taxes owed.
COVER YOUR ASSETS! : When renting out your property, beware of the LIABILITY EXPOSURE. Whether you’re renting out one or multiple properties, you now have a business. With that business comes LEGAL EXPOSURE. That’s the risk you take being a business owner.
To protect yourself, you need an effective asset protection strategy that ensures you have the correct rental corporate structure.
Choosing a business structure is a key step when establishing a new business. The structure of a business can has implications for several essential elements of the way the business operates, including taxes and personal liability. A business structure is the legal framework of a company. It sets out key factors like ownership and profit distribution. The structure of a business should be established before it is registered with local, state or federal governments and should be chosen carefully. It can be costly and restrictive to make changes later. The business structure you choose can influence key elements of the business, including day to day operations, risk of personal liability, ability to raise capital funds, and taxes owed.
As many people scramble to finish their last-minute holiday shopping and make sure everyone on their gift list is covered, business owners have another list to pay attention to. This list is called the business compliance checklist. Businesses must fulfill their legal obligations to stay in good standing with the state. Failure to do so may result in fines, fees, penalties, and even suspension or dissolution of their companies.
An end of year legal checklist typically includes reviewing and filing annual reports, checking and renewing business licenses, assessing any business changes throughout the year, verifying tax compliance, reviewing corporate governance policies, considering dissolutions or withdrawals for inactive entities, and filing final payroll taxes.
Disruption is common in the business world with unforeseen events or difficulties meaning that contracts sometimes cease to be beneficial or even possible. If you have entered into a contract that you later wish to terminate, it is important to follow the correct procedure. Failure to do this could constitute a breach of contract which could result in liability for damages.
The world has been turned on its axis over the last 17 or so months as a result of the COVID-19 pandemic. Small businesses have been hit particularly hard and will continue to be harmed with the new surges in infections caused by the delta variant as employers face pressing questions about worker vaccination requirements. I discuss some of these questions below addressing vaccination policies, vaccine exemptions, and vaccine verifications.
