The time to protect your business is well before a lawsuit or unpaid debt becomes a problem.
“If you have assets that you don’t want or can’t afford to lose, Protect them Now. It’s always cheaper and more predictable than acting late.”
Protect your Personal & Business Assets
When you own a business, it’s important to ensure your business and personal assets are protected. Being sued or carrying large amounts of debt (Collateral and Personal Guarantee) could pose a serious threat to both business and to your personal finances. Fortunately, there are steps you can take to safeguard your assets against these kinds of DANGER.
Understanding the Dangers of Debt
Debt by itself isn’t necessarily a bad thing; it’s how you manage debt that becomes important.
How to Save Personal Guarantee or minimize Future Loss
What Does a Personal Guarantee Do? A personal guarantee is a legally binding agreement that makes you personally responsible for debts owed by your business, potentially including a commercial lease. A lender might require a personal guarantee as a condition for the loan, and it might also help to get you better terms on your loan.
The downside is that if you default and there’s insufficient collateral to offset what’s owed, the lender can attach personal assets to recover the debt. For instance, they could sue you personally and garnish your bank account or place a lien against your house. It’s important to understand the potential consequences of taking out a business loan, or any other loan that requires collateral or a personal guarantee, before signing on the dotted line.
Lawsuits Can Be Equally Problematic
While your business may be staying on top of its debts, a lawsuit can take you by surprise.
Business Structures and Insurance
You want to grow your business while preserving the assets you’ve worked so hard to accumulate. The first step is choosing the right business structure.
In this Video you will get Strategies, Tools & Tips for Managing Business and Personal Assets
Wise Business Owners are managing their assets and growing wealth, it’s especially important for ALL business owners. Rakesh Sharma is specialize in working with business owners, and help with asset protection, Succession Planning and more. In this video you will get the solution of many high priority issues in the most simplicity!
