For Business owners in any form of joint ownership arrangement (Partnership, Joint Venture, Company, Trust); one thing is inevitable; eventually that relationship will come to end. Some of these events are orderly and planned, such as selling the business, shares or entity. In these instances an amicable separation or retirement can often occur.
Unfortunately, more often than not, the circumstances that lead to the end of a relationship are not planned, and responsibilities to deal with an unplanned succession event are thrust upon unprepared parties such as parents, children or a spouse who do not understand the business.
This leads to a default distressed situation which can (and usually does) erode asset value very quickly.
The most common of these types of events are:
Death/Illness of one, both or all parties
As part of our duty of care as holistic advisor’s, we challenge those of you in business with other parties to answer the following questions –
“what would happen in my business situation if I/key people in my business died?”
“would my spouse end up being in business with my business partners?”
“what price would my Estate receive for my share of the business?”
“how would the business pay my estate that amount of money?”
“what happens if my business partner and I are deadlocked on a decision?”
If you are unsure of the answer to any of the above questions, you could potentially be putting one of your largest assets at risk.
Act while you can
Bourke Group has formed an alliance with Reddie Lawyers to provide a turn-key solution to prepare business owners for this exact situation. Reddie Lawyers is led by Michael Reddie, formally a Partner at a national mid-tier firm.The package consists of the following:
Shareholders/Unit Holder Deed including Buy/Sell & Deadlock Provisions
Insurance consultation for the Buy/Sell amount (subject to acceptance by the insurer, premiums will be in addition to service charge) that can FUND THE PAYOUT OF YOUR SHARE OF THE BUSINESS
Bourke Group has reached a major milestone reaching our 21st year in business. We will be marking this occasion with a celebration in November to thank our clients and associates, many of whom are still with us from the beginning. Watch this space for more information and details.
Life Insurance – think you’ve got it covered? Think again….
Kristen Quirk (Director, Private Wealth) has written an article in response to the growing shift toward general advice and group Insurance products.You can read the articile here and Kristen can be contacted at email@example.com to further discuss your Insurance needs.
Lodgement dates October
Quarterly PAYG Activity Statements (Head Company of Consolidated Groups)
Annual PAYG instalment notice
Monthly (Sept) BAS
Quarterly (Q1) BAS
Q1 Super Guarantee Contributions
Annual Activity Statement TFN withholding for closely held trusts
Tax Returns for all entities if one or more prior years were outstanding at 30 June 2014
PAYG withholding from Interest, Dividend and Royalty Payments paid to Non-Residents