The year is beginning to wind down, and that means the 2011 tax season is already in the air. For many small business owners emerging from such a difficult economic year (or years), the mere thought of taxes may serve up a hearty helping of anxiety.
A good accountant can save your business barrels of money and put your financial house in order. A bad accountant can leave you scratching your head, wondering why you paid someone to manage your money when you could have done it yourself. Since your accountant may be involved in several key aspects of your business and as well may be privy to sensitive business or customer information, it almost goes without saying that you should invest some time finding the right person for the job.
Each year, countless small business owners in need of business financing turn to the closest source at hand- their own personal assets. While these assets may be easily accessible, there is a signifcant amount of risk involved. Those who are unable to to pay back the amount they invested into their businesses can suddenly find their homes, insurance policies, personal savings, and retirement accounts in jeopardy. The best way to avoid such a nightmare scenario is to engage in responsible asset protection. Here are five tips on how to protect your personal assets when funding your business:
It’s hard to read the news these days without hearing about the sudden devaluation and in some cases outright decimation of personal savings and retirement accounts due to the economic difficulty of the past few years. It is a sad situation, effecting people from all walks of life and all age-groups.