Did you know that NSW is the 2nd most litigious state in the world behind California? Maybe I should share with you some key points from my workshop last week, where Matthew Tranter from Tranter Lawyers, spoke about the need to ensure that your assets are well protected.
We’ve all heard that prevention is better than cure, and the aim of Asset Protection is to stop potential litigants in their tracks by showing them that if they take any action, it is going to be fruitless.
Why do you need to protect your Assets….
- Statistically there is a likelehood of your business being sued three times in it’s lifetime
- Legal fees are very expensive
- You don’t need to do anything wrong to be sued
- It is too late to do anything if there is smoke on the horizon
- To minimise the risk of some ‘gold digging scumbag’ legally stealing your hard earned assets
There are a number of ways to protect your Assets which usually revolve around having control rather than ownership of assets, such as ………
- Choosing the right structure
- Creating multiple Firewalls
- Setting up a Business Trust
Asset Protection is the key to preventing or resolving most problems. I’m no solicitor, so should you have any concerns or questions as to whether you are properly protected from these ‘Gold Diggers’, then I recommend you take the time to speak with a professional like Matthew on 02 4934 2600 to ensure that your company does not tumble into the costly litiagtion pitfall!
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