I will give you a second strategy for asset protection in business. This one is really simple. Ensure that the director of the trustee company is the fall guy.
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Month: August 2018
Two Directors is Wrong, Wrong, Wrong
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Two Directors is Wrong, Wrong, Wrong
By Pat Mannix
We see this mistake far too often in small business! It’s a simple change to make and it could save you a lot of pain in the future.
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Your Income is Your Number One Asset
By Pat Mannix
When starting out in small business, you have to take 100 per cent responsibility for the income you’re going to generate. That means you need a defensive strategy in place for your income.
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Your Income is Your Number One Asset
By Pat Mannix
Not your flashy car or your mansion home… The money that you’re earning is your most important belonging. Have you got strong Income Protection Insurance?
When Can You Take Your Super?
The cash sitting in your superannuation fund can be tempting, particularly if you are short of cash. But, the reality is there are very few ways you can take advantage of your superannuation once it has been contributed to the fund – even if you change your mind.
The sole purpose test underpins access to your superannuation – that is, superannuation is for the sole purpose of providing retirement benefits to fund members, or to their dependants if a member dies before retirement.
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The Fall Guy
By Pat Mannix
We want nothing of any value in the fall guy’s name. Absolutely nothing! It’s not a perfect world. Bad things sometimes happen to good people. So if a business falls over the fall guy can go with it but hard earned assets built along the journey MUST be fully protected.
CONTINUE READING The Fall Guy 2 min read
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The Fall Guy
By Pat Mannix
When starting out in small business, there’s a series of strategies that you need to put in place for asset protection. Take heed because asset protection is the number one defensive strategy for business. In sport, like in business, it is defence that wins premierships and success.
CONTINUE READING The Fall Guy 1 min read
