If you’re a sole trader, you’ve got very limited options to protect your personal assets. If I was a sole trader it would literally be Ben Walker, trading as Inspire CA. If something were to go wrong in the business and someone sued me, then any assets that I own would be exposed.
Now if we look at companies and trusts and they’re set up correctly, they’re fantastic for asset protection. Set up wrong and it’s useless.
Finally, SMSF’s are fantastic for asset protection. And unless you’ve stashed a whole heap of cash in the super fund, knowing that something bad is going to happen or you’re being sued, then it’s protected even through bankruptcy – which is really great.
If you need to have a chat with an Accountant about your business – book in a free Strategy Chat with an Inspire Life Changing Accountant today – https://inspire.accountants/chat/
Select your desired option below to share a direct link to this page.
Your friends or family will thank you later.