As a business owner in Indiana, you know the value of hard work, creativity, and integrity–all are essential to running a business. And with all that goes into making a business work, the last thing that you want to have to worry about is losing your assets as a result of taxes, a lawsuit, or another financially damaging event. At Harvest Financial Planning, LLC, our financial planning professionals have experience working with businesses like yours and can provide information about strategies for protecting your assets as a business owner. Here’s what you need to know–
Form an LLC
When your business is registered as an LLC (limited liability corporation), you’re personally protected from liability in the event that something happens with your business. For example, if the business is sued, you will not be responsible for paying for damages out of your personal account. Similarly, your business is also independent of you, which means that if you personally face financial hardship, your business will have some protection. Talk to a professional about the different types of business entities and the various protections they offer.
If you’re a business owner, you’ll need to have various insurance policies in play to protect your business assets in the event of an accident, weather event, natural disaster, or lawsuit. For example, you should maintain liability coverage in the event that someone is injured on your business property and files a premises liability claim against you.
Know the Law
One easy way to protect your business’s assets is to know what the laws are related to your business’s operations. By knowing the law–and operating in compliance with the law–you’ll mitigate the risk of having a complaint brought against you or legal action at the state or federal level. This reduces the chance of fines, fees, and civil and criminal action against your company.
Protecting your assets doesn’t just mean taking actions that mitigate the risk of loss, but also taking steps to grow your wealth and make smart financial decisions wherever possible. Knowing your business’s budget and how to protect your wealth through investments and other asset-growth strategies is important.
Call Harvest Financial Planning, LLC
At Harvest Financial Planning, LLC, we provide a variety of services for business owners, including business continuation services, business wealth management services, and asset protection services. To learn more about how to protect your business’s assets and other strategies for wealth maximization, please call our team directly today to schedule your first appointment.