What is Business Asset Protection?
Successful businesses grow in value. Often the simple structures used by business owners to achieve early success can leave the valuable assets of the business exposed to creditors and litigation. Many clients are seeking advice on how to separate the business risk from the business assets by building internal firewalls and quarantining key assets. This has two-fold benefits – minimising the fallout of adverse litigation and also discouraging frivolous claims.
Recent changes to tax and revenue law have greatly increased the available tools for separating risk from assets, by splitting and cloning trusts and other business structures. This can greatly assist in the costs of business restructuring.
Small Myers Hughes can assist your business by analysing your current structure from the point of view of risk, and providing and explaining the range of options available to minimise this risk in a commercially viable manner.