There are benefits to running your business in partnership with a friend or family member, this could mean it was established with only the bare minimum of documents. Though this may not currently present an issue, it can cause succession headaches later.
When you’ve worked hard to build your business, you want to ensure that when the time comes to transition out of it, it’s passed on in the way you’d like. For sole traders, the greatest succession threat that must be managed is key man risk. Here’s how to do it.
Remember the changes announced in the Federal Budget in May? No? Well the beginning of the new financial year means that many of these measures have now commenced. Use this list of changes to ensure you’re compliant.
As a business owner, you face the constant decision of how much to allocate to superannuation versus how much to invest in business assets. Bit, if you own your own business and also have a self managed super fund (SMSF), you can have the best of both worlds. Here’s how.
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