When going in to business, or even if you are already in business, how you organise your business structure can be a critical decision for a number of reasons:
- Asset protection
- Business succession
- Estate Planning
Unfortunately these days, the risk of being sued seems to be increasing.
No doubt you have heard of examples of people who have lost everything as a result of something that happened in their business.
This can happen and in many cases it may be out of your control.
What you can do though however is set up your business structure to give you and your family the best chance of protecting your home and other assets in the event of something happening.
You have worked too long and too hard to lose everything.
Seeking advice and then organising your business affairs to protect you and your family just makes good business sense.
No one wants to end up paying more income tax than you legally have to.
Your business structure and how it is organised can have a big impact on the amount of tax that you and your family pay.
If your wish is to have your children follow you in the family business, once again your family business structure can help or hinder getting them involved.
As your children get financially involved in the business, then of course protection of their assets becomes a vital element of your business succession plan as well
If ultimately your assets are passed on to your family on your passing, your business structure can potentially assist or hinder this process, particularly if family members of going to share in certain business assets such as the family farm.
Wright Clarke Solicitors can help
At Wright Clarke Solicitors, business structures are what we do. When we are talking to you about any aspect of your farming or rural business, four of the things that we will constantly be thinking about are:
- How can we protect your assets?
- How can we save you tax?
- How can this be organised for business succession?
- How will this fit in to your estate plan?