We’ve done a lot of work over the years with small business owners helping them to structure their affairs to ensure that they are both well protected (both the business assets as well as the directors) as well as tax efficient.
What I’ve been wondering is how many people actually think of doing this earlier on, or at all? As a business owner, typically, you put in the money to make the business work, you also put in the effort, the time and sometimes the tears. If things don’t quite go to plan, it’s wrong in my opinioin that the person that put everything into the business is the last person to be able to pull something out – that’s what we look to fix with most of our business clients.
There are numerous ways to secure your business and yourself from either predatory practices, or things just going to plan, some of them are very very easy, and some of them are difficult and costly.
The easiest and and cheapest can often be to ensure that you only have one director to your business – why spread the liability around more than you should? I have often come across husband and wife businesses where they are both directors of the business, therefore both liable if anything goes wrong.
Being a small business forum, just wondering what simple and easy methods have people used to reduce their liability and protect themselves? Is it something that you think about? Worry about? Do you wish there was more information on the net about it?