February 18, 2023


Phoenix Asset Protection: How to Protect What You Have Built

Running a business involves employing the right asset protection strategies. No matter the kind of business you run, being your own boss is quite rewarding. However, it comes with some risks. After realizing your entrepreneurship dreams, what happens next? How can you protect your assets? 

Phoenix asset protection can be essential if you own a small business and work for yourself. Below are some tips to minimize your liability and ensure you are protected when your business faces a claim or lawsuit:

Pick the Most Suitable Business Structure

You probably launched your business as a sole proprietorship first without a formal legal structure. However, when you face a lawsuit, this lack of legal structure can be costly. You can protect your assets by formalizing the business and incorporating it. Your options include having a limited liability corporation (LLC), C-corporation, S-corporation, general partnership, trusts, family limited partnerships, or limited partnerships.

Use Separate Business and Personal Accounts

Do not withdraw money from business accounts for paying for personal items or charge personal items on business credit cards. It’s best to deposit your company revenue into the business bank account and pay yourself a salary. This decreases liability and makes it easier for you to manage the finances of your business. 

Protect Your Intellectual Property (IP)

Intellectual property includes any inventions, symbols, artistic or literary projects, names, and whatever products your business has made. You must protect your IP, so it won’t be stolen. You can protect it through patents, copyrights, and trademarks. It is a good idea to work with a consultant firm that can manage your IP. 

Use Contracts and Follow Procedures

As a business owner, you want your procedures to be free of loopholes or fraud. Proper leasing agreements and official project contracts can protect your business. It’s also important to keep everything above board as well as work with licensed, insured, and bonded experts. Also, hire asset protection experts, legal professionals, and tax advisors to help you. 

Any discrepancy in your business history can cause you to face legal liability in the future. So, ensure all proper procedures are followed, no matter how long it takes.

Buy Business Insurance

Incorporation offers liability protection; however, it does not cover everything. By investing in liability insurance, you can protect your business and personal assets when you lose a lawsuit and should pay a big claim. The kind of insurance you must have depends on your industry. 

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Always Keep Your Eyes Safe from Sunrays Using Sunglasses

Based on a recent study, virtually 90 per cent of individuals comprehend that eye defence is crucial in accomplishing optimum health. Those who were not component of that research utilise sunglasses, like American Optical, to create a style declaration or easy to tone the glare of the sun. Putting on sunglasses in the sunlight should be a habit especially given that the sun’s rays are getting extra intense.

  • Guard from the Elements

When you step outside, you need to manage potential things that can damage your eyes. Snow, sand, dirt, and wind are all possible risks to your vision. Researches reveal that snow mirrors 80 per cent of UV rays from the sun. The glow can shed your cornea and create snow blindness. Unexpected gusts of wind can lug sand and dirt into your eyes. Grains of sand, as well as bits of dirt, can scrape and harm your eyes. Utilising sunglasses can help shield your eyes from the components and from the sun too.

  • Break from Headaches or Migraines

Clinical research recommends that a few individuals begin obtaining dreadful incapacitating, as well as bad migraines when they move on a bright sunny day not having a sunglasses. Others experience eye tiredness, as well as eye stress when they hang around in the hot sunlight. When you put on sunglasses, you help stop these painful episodes and simply enjoy your day outside.

  • Protect Against Sun-Related Eye Issues

Eye experts advise that if you expose your eyes to intense sunshine as well long, you are at risk of developing sun-related eye illness. Cataracts, glaucoma, pterygium, as well as macular degeneration can start causing damage in your eyes if you do not utilise the best sunglasses. You can likewise establish skin cancer due to the fact that the skin around your eyes obtains revealed to the hot sun as well. Professional evidence shows that around 10 per cent of identified skin cancers occur alongside the eyes.

  • Assists You Recoup

Having a current eye surgical procedure must prompt you to wear sunglasses in the sunlight regularly. Ophthalmologists usually inform their LASIK or PRK patients to utilise sunglasses with UV security right after the treatment. If you put on proper sunglasses after your eye surgery, you safeguard your eyes from UV damage while they recover.

  • More Secure Driving

Safety analysts detail that you ought to wear sunglasses if you’re driving. Over a sunny day, bright sunlight can jump off everything at any moment. Wearing sunglasses with UV security can secure you from severe brightness from driving on a sunny day. This enables you to concentrate on the roadway better as you reach your location.

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