Company, Trusts & Business Structures
Identifying which business structure suits your needs best and putting the right legal structures in place from the start will eliminate any potential issues in the future.The structure under which you acquire or deal with assets affects your legal position in many varied ways, from taxation issues to potential liability claims.
If your business is growing and you need to change structure, we can provide expert advice on what is the best legal strategy to ensure ongoing business success. It is crucial that you obtain advice regarding the most appropriate structure to suit your relevant needs as the wrong step could end you with tax liabilities, such as Capital Gains Tax or Stamp Duty. Our expert lawyers work with you to look at what is the best business structure for your business.
For example, we provide clear, concise legal business asset advice for the following structures:
If you are a sole trader, you are personally responsible for any debt from the business.
If you are in a partnership, then you and your partner(s) are responsible for any bad debt. Also, if your partner becomes bankrupt, then you and the remaining partners who are not bankrupt, are now responsible for the whole operation and debt.
The structure of a company is quite complex. The company is a separate legal entity to yourself and can offer a sound asset protection business structure.
Trusts hold a higher level of protection. There are different types of trusts, including:
- Discretionary and Family Trust: These types of trusts are usually fully discretionary whereby the trustee decides how much to give a particular beneficiary. These types of trusts are is generally only suitable for business owners who are related, like a family business.
- Unit Trust: This type of trust is generally used by two non-related people, for example, two non-related business partners.
- A trust structure can create a layer of protection or division between assets and business activities.
The biggest legal consideration for new businesses is asset protection. Having the right structure in the first place will save money and stress if an issue arises later on. Mackinnon Jacobs Lawyers provides straight forward, practical advice in relation to business, company and trust structures as well as partnerships and associated incorporations. We can also advise in relation to duties of company directors and office holders.
Mackinnon Jacobs Lawyers ensures you are protected from every angle and can assist with all legal aspects in relation to company, trusts and business structures. If would like our experienced lawyers to provide you with personal, tailored advice, contact us by phone or via email.
Would you like to know more?Contact our Commerical and Business Law expert Anthony Presutto on 1300 424 452 to receive personalised advice about your case.