Business Structuring & Succession
It is critical that you get expert advice when you are making the decision about what structure you will use when you are about to enter a business or asset owning venture. Time invested at the outset is normally a sound investment in the future.
Sydney Business Lawyers has the expertise to not only help you work through all of the issues that relate to making the decision about your business structure, but once the decision has been made, to both set up the structure and all of the relevant documentation that relate to making it work the way you want and need it to.
When you start in business, normally:
- asset protection (protecting you and the business from creditors and predators)
- flexibility, including for future growth
are prime drivers in choosing the structure that you will use.
There are different implications for these issues as they relate to the basic business structures of:
- a sole trader
- joint venture
Sydney Business Lawyers has experience in all of these issues and structures that empowers them to guide you in your decision making process when you are setting up your business and in your later succession plans.
Making a decision about the form of business structure is normally the easy part of the process. Setting up the structure for the future requirements and later succession of the business is where the real work begins. This is the time to consider things like:
- a clearly documented business plan being prepared which sets out the strategic goals of the venture and the means of achieving them
- the means of financing the business plan being clearly understood by all parties and being readily achievable
- profit distribution – what will it be and what are the differing needs between the business and its participants
- an exit plan covering the normal range of voluntary exit [eg retirement] and involuntary exit [eg death, disability, critical illness, breach, forced exit] situations being documented by way of an enforceable contract, including insurance funding of death, disability and critical illness events
- a means of making decisions and resolving impasses and disputes which we recommend includes an external chairman for meetings of the business partners
- an ultimate succession plan for the business
Our goal is to work with you to ensure that you have a structure that is commercially realistic and aligned to your personal and business circumstances and goals.
Having set up business structures, our work also involves restructuring them when the need arises, including for merger, acquisition, growth, commercial, strategic, risk and succession purposes, when the same sorts of issues arise as when you are setting up the structure.
If you need any help with your structuring requirements, please contact Sydney Business Lawyers on 8915 4900 or firstname.lastname@example.org.