When it really comes down to it, owning a business is about making money. And most business owners want to keep the money they make. There are too many legal challenges to doing that. One is taxes and the other is lawsuits.
At this year’s Service World Expo, Larry Oxenham, senior advisor with the American Society for Asset Protection, explained the ways for HVAC contractors to lessen their tax bills and avoid many lawsuits. It all begins with how an HVAC contractor sets up the business, starting with who actually owns it or parts of it. A business is made up of many parts, including the actual money making product or service and any physical assets, such as property or equipment.