1Although LegalVision focuses on assisting small and medium businesses, we are conscious that business owners, operators and employees also need personal law assistance.
2One 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.
3Business 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 provide tax benefits.
4If 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.
5Finally, it can’t be avoided that some business owners may need to declare themselves bankrupt, or that their business will become insolvent. An insolvency lawyer can assist you to find a path out of insolvency, or get the assistance that you need to wind up the business in an orderly manner. It’s important to get help early to address issues as soon as possible.