Are You Building Your Wealth? Or Foolishly Wasting It?
If you happen to be linked to a small company that is certainly operating as a corporation or perhaps a limited liability company, have you considered the dangerous wealth loss implications and lethal asset destruction potentials of letting owners, directors, officers or managers (entity “actors”) of these business entities, because they operate it, to foolishly stray from the path of rectitude that normally results in effective asset development and wealth protection?
Trouble spots that can defeat personal wealth accumulation will truly develop along that path when those “actors” slip into improper groups of activities.
The following list consists of examples from your large domain:
failing to get and look after business financial records diversion of business funds to non-business purposes failure to adequately capitalize the organization acting without appropriate authority in the business failure to hold required and/or sensibly appropriate business conferences using business assets as a personal property using the business to disguise illegal and/or improper personal transactions commingling business funds and funds personally claiming to stay in power over the company or acting in this mode failing to get and maintain proper minutes of business meetings failing to accurately identify the debts and assets of the business enterprise disturbing the separate existence and business life of the business failing to act inside needs of the business using the business enterprise entity to transfer and hide personal liabilities
Along with understanding all of the above, it’s also advisable to remember that such developments always derive from sloppy management. Further, it’s also wise to be well aware that such developments could very well destroy the organization entity affected and badly damage the individual lives and wealth of pet owners of the business entity.
Such awareness is but one giant management step (the 1st of many necessary steps) toward the goal of building and protecting personal wealth.
The ultimate real question is, of course, those of how one achieves that high level of awareness.
The slap-dash method of organizing and operating an organization or possibly a limited liability company utilized by far too many small company entrepreneurs will not allow you to get there. Nor will deeply believing how the “magic” of organizing a company or even a limited liability company can make your concerns and problems, past, present, and future, go away forever.
The list below is a reflexive step taken by many entrepreneurs:
relying solely upon one-off organization services companies situated in faraway places to set up your business entities and provide you with necessary documentation gambling on known and unknown risks that you will face instead of managing them proceeding into business locations where the competitive waters are deep, swift, cold, and dangerous without consulting with appropriate professionals exercising an “I prefer to do it myself…” attitude with no knowledge of what the “it” really is
You should come up with a strong and irrevocable resolve for affirmatively avoid that unpredictable manner, and fiercely implement that commitment at any cost! It is, at rock bottom, reliant on business professional homework!