Your Business – Protecting Your Assets Pt 3

This post was written by Tony-Online on March 11, 2010
Posted Under: Uncategorized

If you are starting up a sole proprietorship it will take you a period of time to build up a list of potential customers so your risk is minimal as long as –
•    Your treat customers fairly.
•    Don’t promise that your product or service will make them rich or change their lives from dreary to outstanding.
•    Don’t promise anything that you can’t guarantee; the success that anyone has with a product or service has much to do with how they behave, learn, and apply what they know.
•    You deliver more than you promise.
•    Back up anything you sell with a willingness to refund their money or provide them with a discount on future purchases if they aren’t entirely satisfied with your product or service.

If you are buying out an existing business, be sure to have it reviewed by a professional audit firm or a certified accountant. Whoever you choose, they should have experience, they must satisfy you that they have done this type of audit before and are therefore able to conduct the review to your satisfaction before you commit yourself to the purchase.

Should you contemplate going into partnership in a new venture or in an existing venture, the same holds true. If it costs you money and you find out that the partner you’re considering has hidden liabilities that you could have become responsible for as a partner in the business, consider your money well spent – it has saved you a considerable cost in both money and aggravation.

There are other avenues you can explore, the purchase of insurance, or the segregation of your personal assets by putting them in your spouse’s name. It won’t cost you much to look into ways you might protect yourself, a lot less than you might have to pay later.

To be continued.

An original blog written by Tony Neilson and published at March 11/10

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