All properly run businesses require appropriate business structures, such as companies, trusts or partnerships. At the time of the establishment of businesses, owners should ensure that their constitutional’ agreements are put in place and refined and updated over time: these agreements regulate the rights and obligations between the parties in the business and are usually, partnership, joint venture or shareholder agreements. Owners who do not have agreements between themselves run the risk of misunderstanding how each expects the business to operate; the flexibility that each other has to negotiate changes in their arrangements; and the value to be placed on the interest of an existing owner in the business, when he/she wants to sell it.

 

business-plans

Owners should also develop a proper personal estate plan, which is a set of legal documents recording enduring powers of attorney covering how they want to have others make decisions for them about the business and for themselves generally if they lose capacity when they are alive; and, of course, a will setting out when they die, how they want their wealth and assets to be divided amongst their family and loved ones. The prevalence of blended’ families raises unique considerations for each of the owners as to how on their death, both, as spouses and parents fairly distribute their assets amongst the children of the blended families.

Do You Need Legal Help?

If you are interested in discussing your current legal issues or considerations and how we may help you, contact us today to book in your free 40 minute consultation with our Principal Solicitor, Jim Wilson.

Come in and meet our team!

Opening Hours

 Mon - Fri: 9:00am - 5:00pm Sat - Sun: Closed

Give Us A Call

07 5536 3055

Email Us At

admin@wilsonhayneslaw.com.au

Location

Suite 27 Level 2 Wharf Central
75-77 Wharf Street Tweed Heads
NSW 4285