Asset protection involves more than simply setting up a company to run your business, or holding assets in the name of a spouse.
Asset protection involves understanding:
- Your risk – and having systems in place to deal with that risk,
- How your business is structured, and
- How personal assets are owned.
Planning and regular reviews are essential for effective asset protection.
St Ives Law can provide you with an initial appraisal to:
- Review your current structures
- Develop a risk profile, and
- Provide you with written advice on appropriate asset protection and business succession strategies.
We believe asset protection is as important as having business insurance, regardless of whether your business is small or large.
If you’d like to discuss asset protection for your business, contact our team today.
Asset Structures & Restructuring
If you are considering the purchase of assets or starting or operating a business, it is important to understand the different types of business structures that are available.
Perhaps more importantly, it is important that you understand the advantages and disadvantages of each type of business structure to ensure that you adopt the business structure which best suits your needs.
One of the most common mistakes that people make is purchasing an asset or starting up a business without first thoroughly considering what business structures are available.
When it comes to business structures, it is important that you get the right advice the first time.
If you purchase an asset or start a business using one structure or entity, there are usually significant costs associated with transferring the asset or the business to another structure or entity, namely because of tax implications such as transfer duty, capital gains tax and GST.
As businesses grow or their ownership changes the previously adopted business structure may no longer be appropriate or effective to meet the needs of the business and the business owners.
In those circumstances it is often necessary to restructure the business and this often involves consideration of both taxation and commercial considerations, including the cost of restructuring versus the benefits to be derived.
At St Ives we can assist you to choose the appropriate structure or restructuring for your unique situation.
We can also assist you with the implementation and ongoing regular review of the chosen structure.