5 things you need to know about Personal Law
- Although LegalVision focuses on assisting small and medium businesses, we are conscious that business owners, operators and employees also need personal law assistance.
- One area of law for business owners to focus on is structuring their will to ensure continuity for their business if they die. It’s also important to provide someone in your business, or someone who can step into your business, with a power of attorney to make decisions on behalf of the business if you are incapacitated.
- Business owners and investors should consider owning their shares through a discretionary trust. Setting up a discretionary trust may reduce your risk as a director, provide discretion and flexibility for distributing income and may provide tax benefits.
- If you and your partner or spouse are involved in the business together, it’s important to agree in advance what you will do if one of you does not want to continue with the business. Working with a business lawyer up-front when you start the business, then an experienced family lawyer when you experience difficulties, may help resolve the situation more easily.
- Finally, it’s a fact of life that some business people need to declare themselves bankrupt, or that their business becomes insolvent. An insolvency lawyer can assist you to find a path out of insolvency, or get the assistance that you need to wind down the business in an orderly manner. It’s important to get help early, to address issues as soon as possible.
Commercial Law, Contract Law, Information Technology And Online Law, Intellectual Property, Capital Raising LawExperience:
Bank of America Merrill Lynch, Baker & McKenzie, Hogben Group
Franchises, Business And Commercial, LeasingExperience:
Everingham Solomons, Edney Ryan Legal, Attwood Marshall, Lexis Nexis Precedents Author, Academic Marker, University of New England Law School