Is your business a franchise?
If you are considering licensing your brand and business system to others, then you must consider whether the arrangement will be regulated as a franchise.
Medical Practitioners: do your service agreements stack up?
Medical practitioners in private practice have for many years used service entities to separate the administrative aspects of operating a medical clinic from the provision of medical services. Effective use of this arrangement gives practitioners an opportunity to implement tax effective business structures, and limit a clinic’s exposure to claims made against individual practitioners.
New regulations apply to the sale of small businesses
The Estate Agents (General, Accounts and Audit) Regulations 2018 came into operation on 20 May 2018. The changes are relevant to the sale and purchase of a small business in Victoria.
Case study: What do you do when a business partner skips the country?
In an earlier post, I explained business relationship documents and their role in protecting a business from the risks of disputes between co-owners. This article takes that a bit further. I’ve set out below details of a real world business dispute, and identified how this client would have benefited from having business relationship documents governing their affairs.
What is a testamentary trust will?
I recently explained why all business owners need a will, and set out what happens if you were to die without one. I also touched on, but didn’t elaborate on, the concept of estate planning. This involves putting in place mechanisms that protects your legacy, utilising tax effective strategies that benefit your survivors and also factoring in any superannuation benefits and life insurance policies that come into play.
Why all business owners need a will
This post deviates from my usual startup and business focus, by discussing a topic most people would prefer to ignore: your will. Why you ask? Well, look at it this way: what is the point of building a successful business if you don’t properly plan for handing that over to your survivors upon your eventual death? Estate and succession planning is an important component of building wealth, and I’ll tackle these issues from time to time. So, on that note, here is a quick rundown of why you need a will.
The importance of business terms and conditions
Have you ever thought about what’s in your business terms and conditions? Believe it or not, it is quite common for small businesses and startups to cobble together their trading terms. These are often compiled from material they’ve found online. Those same businesses also wonder why they have issues in collecting payments from customers. The …
Buying Property – a practical guide
Buying property seems to be one of those things that is ingrained in Australian culture. Buy, invest, build, repeat – the road to building a property portfolio. Even with the current property slump, my clients are not overly worried. They are focussing on the upside of potentially buying at a discount. So what do buyers …
Business Relationship Documents
Starting a business is hard. Whether you are starting from scratch or acquiring an existing business, the transition to business owner is a daunting prospect. You are more likely to succeed if you combine your skills with others. Whether it’s a friend that you have shared a common dream with for many years, a colleague that …
Startup Stories: JK Finance
A little over two years ago, two NAB bankers decided that they’d had enough with the corporate bureaucracy of a big four bank. What they’ve built in the short time since is truly inspiring.