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Asset Protection

Business isn’t always just business.

If you have worked hard to build your empire, then let us give you the confidence of knowing it’s fully and legally protected.

McLaughlins Lawyers specialise in the creation of trusts that will allow you, your family members and other beneficiaries to maximise profits and secure assets.

Speak to us today about how a Discretionary Trust, Unit Trust or Superannuation Fund can help you protect everything you’ve worked hard to build.

 

How can I protect my business assets?

  1. Choice of business structure

If you are a sole trader or in a partnership, your personal assets are exposed to business liabilities. Companies and trusts can offer more protection.

  1. Don’t mix personal and business

Keep your business activities separate from your personal. Have a separate bank account for your business, and use your business name on business documents. This can go some way to protect your personal assets.

  1. Document your business arrangements

Ensure your contracts, agreements and procedures are well documented and enforceable. Enforceable contracts can help control your risk and liability and increase your prospects of getting paid by your customers.

  1. Insurance

Get advice about the insurances you will need for your business such as Public Liability, General Insurance and Products or Professional Indemnity insurance.

  1. Assets in spouse’s name

You may be able to move personal assets to the spouse that has less business risk with the possibility for protecting those family assets from business creditors.

  1. Trusts or other entities

You may consider using a discretionary trust as a method of protecting your personal assets in particular.  The beneficiary of a discretionary trust doesn’t own any of the trust’s assets which means creditors will have a difficult time making a claim on them.

  1. Get advice from experts

Contact us now on (07) 5591 5099 to speak with a senior solicitor and see how we can help today.