Business Travel and Asset ProtectionAugust 8th, 2010 by The JetSetter Team | Comments Off on Business Travel and Asset Protection
Whether you’re a budding jetsetter or have been one for a while, the trick of the game is to protect the assets you earn from greedy Uncle Sam. Luckily, there are a number of completely legal ways to insure that the long fingers of the government don’t succeed in their quest to remove half (or more) of everything you own. If people paid attention to the following suggestions, we’d have more jetsetters in this world and, yes, we’ll get around to filling you in on business travel. Be patient.
1. The number one way to protect your assets is to start a business. This doesn’t mean you have to create the next Wal-Mart. Keep it small if you like. The fact is that entrepreneurs enjoy incredible tax advantages over those who are only employees. With the amazing number of tax deductions (like business travel) at your beck and call, wealth accumulation and preservation is greatly aided when you own a business.
2. Make sure your business is a properly structured United States LLC (Limited Liability Company). The protection afforded by this arrangement goes even beyond that of a corporation when it comes to separating your business and personal finances and protecting both from creditors.
3. Separate business and personal investments. For example, an owner of several income properties should form an LLC for each one and then another LLC for the property management operations. Stocks, bonds, options, and commodity holdings should get their own LLC as well. If you’re starting to think this is not do-it-yourself entity creation project, you would be right. For asset protection that actually works, hire a professional.
The question becomes can you think of a way that an aboveboard business owner like yourself could turn a flight to your favorite country into legitimate business travel? We can. Say you love Italy. What better small business to start than one that specializes in fine Italian handmade crafts? After all, you would need to travel there periodically to inspect new suppliers and all work and no play makes Jack a dull boy…
Just make sure it’s done legally!
The Jetsetter Team
Flickr / JoF
Tags: business travel