Protection Strategies

Business liabilities are the money and legal responsibilities a company has because of its activities. These can include debts from contracts, possible legal problems, and financial losses from mistakes or outside economic issues. In today's world, it's very important to have plans to protect your business's assets so it can survive and do well in the long run.

Businesses face a multitude of risks that can jeopardize their assets.

So how do we protect business assets?

First, we need to focus on business structures. Strategic business structuring is key in shielding personal assets as well as limiting a business' liability. Is your business properly structured?

One shoe does not fit every foot. Should you be C-Corp, should you be an S-Corp, an LLC, or a partnership? These are details we will need to explore with the help of proper legal consultation from qualified business lawyers and tax professionals.

We will then look at:

· All Insurance types that apply to your business

· Asset segregation (separating personal from business)

· Avoiding commingling practices

· Utilizing business credit cards

· Maintaining accurate financial records

· leveraging trusts

· Using automation tools for recordkeeping

· Legal and regulatory compliance

· Developing a strong compliance plan

· Understanding liability clauses in business contracts

· Indemnity clauses

· Preventing future liability through contracts

· Protecting intellectual property

· Cybersecurity measures

· Data protection

· Building an asset protection framework

All of this may seem overwhelming, but it isn't as difficult as it seems. The proper mentoring and coaching from knowledgeable experts can clear all the confusion. Then putting it into practice will make you a pro in no time.

Another consideration will be utilizing AI tools and notification apps to automate most of these necessary protections.

Cogwheel&Gearbox has the resources to help guide your business to asset protection success.