How can business owners safeguard their assets.

[TOZZIBLINKZ]

When an important business asset is lost , it could lead to obstruction and hindrance like low productivity towards the production aspect of the firm incurring the losses . in a business environment as it comes in two different ways that is fixed assets and current assets . Buy fixed asset we mean asset that can be felt , and seen with the human eyes they include huge machines , equipments , vehicles like motor van and carrier vans , and furniture's etc . On the other hand , current assets refers to assets of a company that could not be seen and felt they include monetary finances in Banks and other financial sectors . But how could business owners and managers safeguard these assets below are some of the ways they could follow .

1. Employee a guard : business organisations can employ a guard or security man who can watch over business assets either when business dismisses or when business commences , the security guard must be alert , cautious , and also diligent in protecting the business fixed assets but at night and in the daytime .

2. Bank system : The existence of bank systems has aid business to store their current or non fixed assets for safety purposes , also with the help of the bank systems , consumer goods producing firms could be able to safeguard their various products secret formulas far away from business rivals and competitors , he could hire miscreants and thieves to steal into a business organisation to find out the secret of their business profit .

 

[Suba]

Actually, entrepreneurs not only need to maintain assets but also need to maintain liabilities and ensure that the figures listed on current liabilities are accurate, such as debt and deferred revenue, etc. And I think, it's not enough if we only rely on employee a guard and bank system, how to maintain other current assets such as inventory and short-term investments. So we also need to insure important assets, especially those that are expensive. Besides that, we also need to carry out continuous audits, for example every 3 months, especially for stock taking or physical audits

 

[King bell]

The best way a business can safeguard its assets is by establishing a formal asset protection plan. Attorneys specializing in this area of law can review your current documents and counsel you on what additional procedures you should implement to protect your company’s property.

For example, they might recommend that you place all your liquid assets in some type of investment structure such as a trust or limited liability company with the objective of avoiding lawsuits that could lead to judgments against liquid assets and the seizure of personal property. You’ll want to make sure that any new business owners or stockholders are provided with appropriate restrictive covenants, so they cannot sell their shares without the consent of other shareholders, for instance.

A business operating as a corporation has boundaries that protect it from being subject to personal liability. For example, when a shareholder or an officer of the corporation is sued, the proceedings only become hostile against the business entity and not against a particular individual. However, if the company is structured as an LLC or another type of pass-through entity, it may be possible for sued parties to attach your personal assets.