A comprehensive asset protection plan helps prevent or significantly reduce risk by insulating a business and personal assets from the claims of creditors. SEE ALSO: Why entrepreneurship is not for everyone…“I wish I had known to separate my personal assets from the business assets,” Paul says. This means that what the business owes, all the debts, are not recoverable from what the business owners have as personal assets. SEE ALSO: I struck gold after 15 failed businesses“Business assets should be registered in the name of the business and business owners should keep their personal assets separate so that in the case of bankruptcy, the individual assets or bank accounts are considered separate from the business,” says Mburu.Hiring, or even having a business lawyer on retainer, can help protect business assets. Operating a business is not without risks and this separation of entities helps protect your business assets and gives your business the opportunity to continue operations even when a financial mishap occurs.

Source: Standard Digital July 15, 2020 06:01 UTC