As your business grows, so do your assets. Protecting your assets is essential and should always be considered.
The goal of Asset Protection is to hold your assets separately to the risky person in your business. This makes it much harder during potential litigation events for creditors to access your home or other personal assets.
Mr Risky
Director of
Risky Enterprises Pty Ltd
Runs the family business
Holds very minimal family assets
Mrs Non-Risky
Stay at home Mum
Owns the House and all personal assets
When you start your business, you may begin operations as a Sole Trader or Partnership. As your business grows you may wish to consider changing your entity structure (to say a Company or Trust) to provide some Asset Protection to you and your family. The further you step away from owning personal assets the more protected you are.
Ellco Group are able to assist with implementing a strategy specific to your requirements to protect your assets.