Talking Cents

5 ways to protect your assets, by small business accountants in Sydney

As the years go by and you start to build up your assets, it is important to know how to protect them and ensure they are kept safe in the case of a mishap. Our small business accountants in Sydney will tell you how to do this.

Here are 5 ways from our business accountants on how to protect assets:

1. Choose the right business entity, which will determine what you want your business to labeled as
2. Maintain your corporate veil, so ensure that all your documents are labeled as your business
3. Use proper contracts and procedures
4. Purchase appropriate business insurance
5. Consider homestead exemption, which allows for you to keep your home in the case of a bankruptcy

While they sound pretty simple, most business owners don’t do this and unfortunately put themselves at risk.

So be sure to contact our small business accountants to ensure you’re protected.