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5 Things You Need to Know About Personal Law

  • 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.

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Our Awards
  • 2019 Top 25 Startups - LinkedIn 2019 Top 25 Startups - LinkedIn
  • 2019 NewLaw Firm of the Year - Australian Law Awards 2019 NewLaw Firm of the Year - Australian Law Awards
  • 2020 Fastest Growing Law Firm - Financial Times APAC 500 2020 Fastest Growing Law Firm - Financial Times APAC 500
  • 2020 AFR Fast 100 List - Australian Financial Review 2020 AFR Fast 100 List - Australian Financial Review
  • 2020 Law Firm of the Year Finalist - Australasian Law Awards 2020 Law Firm of the Year Finalist - Australasian Law Awards
  • Most Innovative Law Firm - 2019 Australasian Lawyer 2019 Most Innovative Firm - Australasian Lawyer
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Questions, comments or complaints? Reach out on 1300 544 755 or email us at info@legalvision.com.au

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