In this article, Kent France, an associate of Wynn Williams
& Co, gives some sound advice for the future regarding
asset planning.
Anyone who is involved in business should take time to think
about the way they organise their affairs so that assets built
up over a lifetime are not at risk from creditors.
Asset planning should start as early as possible and be a
co-ordinated effort between an experienced asset planning
lawyer and the business's accountant.
Sole traders and people in partnerships are generally
directly liable for liabilities arising from the business's
operations. Even when trading through a company, the
shareholders and directors can incur liabilities personally,
such as claims for faulty work and breaches of their duty as
directors. Often, too, the owners of a business will have been
required to give personal guarantees of their leases or
guarantees to their bankers under banking
