Recently in Asset Protection Category

October 23, 2012

Asset Protection

Any person who owns property or a business needs to engage in asset protection strategies. Otherwise, assets they have worked years to acquire could be taken away in the event of a liability or personal injury lawsuit.

Establishing asset protection not only safeguards property, but also provides peace of mind. Unfortunately, we live in a sue-happy society with thousands of lawsuits filed every day. While this can be good for lawyers, it's not so great for small business owners or property owners who earn a living from the assets they've worked hard to acquire.

If a person or business is sued and the Plaintiff is awarded a settlement, creditors can seize assets and apply the value toward reducing the judgment. Most often, assets are sold at public auction with the highest offer taking the goods.

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September 12, 2012

Asset Management

Engaging in asset management practices is essential for every business owner. Regardless if your organization has real property such as buildings or land, or intangible items such as intellectual property; everything needs to be safeguarded through some sort of planning.

Establishing adequate asset management plans is crucial for ensuring future growth and profits. The initial phase involves documenting everything owned by the company. This includes all real estate, business assets, financial assets, and intellectual property including trademarks, patents, and copyrights.

Owners should include every asset owned by the company that has monetary worth and provides profit or cash flow to the owner. This task can become arduous so it is recommended to invest in asset management software to maintain record of owned, sold, or exchanged property.

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