Personal law matters can affect business owners and their operations. Particular issues for business owners to consider include the following:
- Asset Protection and Tax Structuring: A key question for business owners is whether to set up a discretionary trust to own their shares in their company. A discretionary trust can help protect assets, and can be useful, for tax purposes.
- Business Continuity: Businesses with two or more owner operators are at risk if one of the owner operators becomes ill or unable to work. Including buy/sell provisions in your shareholders agreement, or entering into a separate buy/sell agreement backed by appropriate insurance can deal with this issue.
