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| Asset protection is different from limited liability. Asset protection is directed towards the protection of assets from external attack, whereas limited liability is directed towards protection of people from liability (e.g. shareholders or unit holders).
Companies and unit trusts provide limited liability to the shareholders and unit holders, but do not, in their own right, provide asset protection. If, for example, the shares or units are held by individuals and the individuals come under attack by litigation, the attackers can gain possession of the shares or units and thereby gain possession of the asset. Notes
If, however, the shares or units were held by a discretionary trust and the interests are appropriately spread, then the assets of the company or unit trust can be protected. Assets can be owned either directly, in individual structures or in complex combinations of structures. To understand how structures can be your ally, it is important to understand what structures are available and their basic features.
- Individual Ownership
- Joint or Partnership Ownership
- Partnerships
- Companies
- Superannuation Funds
- Trusts
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