Business assets refer to anything of value that a business owns. Business assets can be both tangible and intangible. Tangible assets have a monetary value while intangible assets are non-physical and can increase the revenue of a company. Examples of tangible assets include real estate, office furniture, inventory, company-owned vehicles and production equipment. Non-tangible assets can include employee expertise, company slogans and trademarks.
Owning a business carries with it some risk of asset loss, but there are steps you can take to avoid such a loss. Here are some legal and financial strategies you can try to ensure your tangible and intangible business assets are protected.
Separate Your Business Assets From Your Personal Assets
Personal assets and business assets shouldn’t mix. Separating your personal and business assets can protect your business accounts from problems occurring with your personal accounts, and vice versa. To avoid muddying the waters between professional and personal finances, make sure you have separate personal and professional business accounts, credit cards, etc.
Protect Your Intellectual Property
While it’s important to make sure your tangible business assets are protected, it’s also important to protect your intellectual property. Intellectual property is a pretty broad term that can refer to:
- Artistic or literary projects
- Any projects your business owns
When your intellectual property is not protected, it’s easier for it to be stolen from you. Trademarks, copyrights and patents are all ways you can protect your intellectual property. It’s best to work with some type of legal firm or intellectual consultancy firm to make sure your intellectual property is adequately and properly protected.
Set Up Your Business Correctly
Many small business owners don’t realize the importance of choosing the right type of business entity. One of the safest entity structures is a limited liability company. This type of company helps shield owners from liability for the company’s debts. AmeriEstate is skilled in helping business owners from LLCs.
Always Rely on Contracts
One of the best ways to protect your business is by relying on contracts. Keep every side project and leasing agreement above board. Failing to hire professionals without signing contracts can be a recipe for disaster and put your business assets at great risk.
When you hire professionals to work with your company as employees or contractors, it’s essential to make sure anyone you hire is properly licensed, insured and bonded. This will help protect you from liability if something goes wrong or the professional you hired attempts to circumvent your agreement.
Though they may seem inconvenient, contracts are extremely important. You always hope you won’t have to fall back on them, but they are there to provide a safety net for your business.
Get Legal Help for Your Company
If you’re concerned that you may not be doing enough to protect your company’s assets, reach out to AmeriEstate today. We will be happy to help you set up a consultation so we can provide you with advice on things you can do to make sure your tangible and intangible assets are properly protected.