As we bring in the new year, it is an exciting time for many business owners as they gear up for new commercial opportunities in 2019.
Many businesses slow down over the Christmas Break, however, this time of year also provides many with an opportunity to reflect on and re-evaluate current business practices and future plans, meaning it is the perfect time for evaluating the corporate structure.
Has it been some time since you have set up your business?
Has there been considerable growth in your business since that time?
Who owns your plant and equipment, and is the title and ownership of that plant and equipment all under the one banner or scattered amongst various related entities or persons?
Are you thinking about growth, or acquiring property?
Are you trading with one entity but have the licence to trade tied up with the entity you started out with?
It may be time for you to consolidate or revisit your business structure and ensure that you have ‘all of your ducks in a row’ before you dive headfirst into new adventures. Inevitably reviewing your structure now will save you legal, accounting and tax headaches later on down the line. It may also save you a lot of money (eg, tax, or doubling up on stamp duty) if you ensure that you have your structures properly in place before your next move.
Keystone Lawyers are here to help. Contact us about sitting down to review your structure against your current need and future plans today.