If you have a small business or are planning to start a small business there are many considerations to be made regarding how to structure your business and its transactions.
When you are setting up a business you need to consider things such as:
- Borrowing money or lending the business money
- The people involved in the business
- The business structure that should be used
- Tax implications
- Workplace law
- Protection of personal assets
- Agreements with suppliers and service providers
- The business premises – whether leased or owned
- Exiting or retiring from the business
The optimism that generally accompanies the start up of a small business ought not deter you from ensuring that you have agreements in place that make it clear what has been agreed upon and what your business will be doing. A good structure and plan at your business’ inception can save a great deal of angst and possibly money in the event that something happens to threaten your business down the track.
We are experienced in preparing all documents that relate to structuring your business and personal circumstances, including:
- Business Succession Deeds
- Farm Succession Deeds
- Self Managed Superannuation Fund Deeds
- Powers of Attorney
Whether you are just beginning in your business or are established already, RURAL LAW with Peter Long can assist you to build a solid foundation with adequate protection to confidently facilitate the accumulation of your business’ wealth.
RURAL LAW with Peter Long recommends keeping your Will up to date. As a rule, any big change in your life, such as marriage or divorce, children, property purchase or sale or starting or exiting a business, will necessitate a change in your Will. Unless you know when you are going to die, it’s a good idea to update your Will as soon as possible after a major life event.
The days of using your Will as a succession plan are long gone. Today a Will is only one part of a process of recording, actioning and realising your estate planning objectives. Planning your estate well will ensure you preserve and enhance its value and avoid adverse consequences for intended beneficiaries.
Small businesses, particularly rural businesses, are often operated by families and even the mention of the need for a succession plan can ignite emotive situations for all concerned. We understand the dynamics involved in dealing with sensitive business situations and are dedicated to assisting businesses to develop and implement strategies with respect to these dynamics.
RURAL LAW with Peter Long can assist you to formulate a successful and appropriate estate planning strategy that fits with your succession planning objectives and an orderly tax effective transition of your assets to your loved ones.