Why is a partnership a bad structure for your business?
If you are carrying on a business through a partnership, then we strongly suggest you consider moving to a company. Find out why will hold this opinion.
Getting your estate planning up-to-date. Part 3: What happens if you’re incapacitated for a period of time?
If you are incapacitated for a period of time, things won’t stand still and wait for you to recover. Someone still needs to manage your legal and financial affairs, and others will need to make personal and healthcare decisions for you. Do you have the necessary documents in place to make this happen, and avoid the need for your loved ones to apply to the Government for help? If not, read this.
How to control a family trust when you die – our free downloadable Guide
Download our comprehensive guide to controlling your family trust.
Getting your estate planning up-to-date. Part 2: Who gets what?
In this article we cover the important questions you need to answer to put in place an effective Will, namely: why should you make a Will, who gets what, how do you fairly divide your assets if you are in a ‘blended family, and who you will need to involve in your estate plan? Time to act!
Getting your estate planning up-to-date. Part 1: Ownership of Assets
One of the reasons you accumulate assets and savings is to ensure your loved ones are adequately looked after when you die. Your accountant is likely to have put in place strategies to save you tax and protect your assets. But without proper planning, this can mean that your assets don’t end up in the hands of the people you intend. FInd out more.
Hey founder, are you being left behind?
Founding a company is a lot easier than retaining control of it. Part of your journey will necessarily involve other people. First, it may be a co-founder. Then family and friend investors, and ultimately professional investors. During this evolution, the chances of you being left behind, and things getting out of control, increase exponentially. We’ll help you get back in control, with a binding entitlement to what you’re worth.
When should directors be personally liable for tax debts?
As a general rule, a company provides its shareholders with ‘limited liability’. This means that the extent of resources a shareholder risks when they invest in an enterprise is limited to the amount of capital they put into the company (or agree to put in). If the company runs out of resources, or gets hit with a nasty surprise, the capital may all be lost, but the shareholders are not obliged to put anything additional in. They have just ‘done their doe’.
The limitation of liability for shareholders has not really changed much over the centuries that limited liability companies have been around. What has changed, is the role and responsibility of directors.
How do pre-emption rights work?
Most Shareholder Agreements, Constitutions and Partnership Agreements provide ‘pre-emption’ rights. These are rights that require someone wanting to sell an interest in the enterprise, to first offer the interest to the other equity holders. But they do not necessarily require the majority to buy.
The commoditisation of everything
There really is only one sustainable career or endeavour – commoditisation. This is the work of taking something requiring high levels of knowledge, experience and creativity, and turning it into something that a novice can easily do for themselves, for free. If you want to maintain and grow your real value over an extended period, that is it. There is nothing else.
What is Division 7A really all about?
If you have a company then you have probably sat in a meeting with your accountant and heard the phrase ‘that may raise Division 7A issues’. Everyone usually then grumbles and nodes wisely, and moves on… But you may be asking yourself, ‘what the hell is Division 7A all about?’ Glad you asked.