Smooth Succession Planning for Small Business
One of the significant issues arising for those dealing with business succession is the multitude of taxes that can apply throughout the process. Business succession planning needs to be flexible and – like a will – reviewed regularly to take account of changes in the business, and more particularly the regulatory and tax environment. Whether you need big or small business succession planning, The Practice is here to help.
The most important thing behind business continuity planning is devising a structure and a predetermined series of steps to allow for the ready passing of assets to dependents or other persons. Apart from the taxation issues, planning for a business succession requires asset protection strategies, deal matters relating to Partnership, Trust and Corporations Law, and ensuring, as far as possible, that the plans do not cause family disputes, either before or after death. The Practice follows small business succession planning best practices all the time to ensure smooth transition between involved parties.
There are a number of matters which one needs to consider when planning for the retirement of a member from a privately-owned business such as:
The structure and ownership of the assets of the business
The desires for the future ownership of the business
Desires for future income streams from the business assets
The nature and form that retirement benefits could take.
Succession planning for a small business or a large corporation can be both stressful and time consuming. It is advisable to seek the expertise of a business adviser to provide effective small business succession planning strategies. Make your business planning efficient with the help of The Practice Business Advisers & Tax Practitioners. We can also give you the best assistance when selling or buying a business. Give us a call to get started with your business ideas.
