As the owner of a privately held business, you have a powerful tool at your disposal. Your business entity can offer you significant protection against many forms of personal and professional liability. Business entities can also be used to significantly reduce your tax burden and to facilitate your personal estate planning. Proper use of business entities lies at the heart of any well-conceived asset protection and plan.
However, Singapore Property Realtor must do more than merely form a business entity and register it with the state. There are a host of ongoing governance requirements and formalities for business owners. Taking advantage of all these benefits is a simple matter of knowing and keeping the rules. We can help ensure that all the benefits and options under the law are available to you. But an honest-to-goodness guardian angel, surfacing only at your most dire moments, salvaging a situation from total ruin.
Asset protection planning is the true "level playing field" on which all businesses conduct economic transactions. Large businesses know this, and they have teams of lawyers and accountants constantly looking out for their best interests, according to the rules of play.
Singapore Property Realtor Asset Protection Planning for Your Small Business
In addition, these asset protection planning strategies are equally available to debtors and creditors alike, and wise entrepreneurs should engage in these strategies, no matter which side of the relationship they are on. But for the purposes of explanation, the discussion that follows is told from the debtor's point-of-view.
Singapore Property Realtor Protection planning into three sections:
• Are Your Assets at Risk?
sets the stage for the business strategies presented in the next sections by helping the individual understand how a debtor can lose assets to a creditor. Personal strategies here focus on effective exemption planning of your assets and an overview of how these plans would work in a bankruptcy situation. Moreover, guidelines are offered for legally transferring and protecting assets, as well as avoiding creditors' challenges to these transfers.
• Limiting Liability in Your Business Structure explores strategies:
When initially forming, structuring and funding your business operations. Choosing the type of entity, where to form it, and how to fund it or get financing can have a tremendous impact on how secure your personal and business assets actually are. In addition, minimizing income and estate taxes is a form of asset protection and proper business formation and structuring can go a long way toward reaching that goal.
Avoiding Day-to-Day Liability:
Risks focuses on the risks inherent in operating a business and how to avoid your exposure to these risks. Primarily, these strategies urge business owners to avoid leaving vulnerable, unprotected assets within the business entity that could later be seized after defaulting on a contract, committing a tort (negligent act) or having the veil of limited liability pierced by a court. In addition, strategies are given for dealing with that inevitable day in court, something most successful business owners will be unlikely to avoid because of the nature of business dealings and the rules of our current system of justice.