Business Structures

Choosing the best structure for your business can be very important, for asset protection and tax minimisation.

It is vital to get the structure right as early as possible. The earlier it is done, the lower the capital gains tax (CGT), GST and stamp duty, and the greater the scope for effective CGT and other planning.

Unlike other lawyers, we pay particular regard to minimizing workers compensation premiums. Structuring the entities which employ the workforce can make a huge difference to the bottom line, especially in high risk industries, or where the business has been hit by a claim.

Determining the best business structure will depend on many factors. Does the client want to run the business at a profit in the long term, paying the least income tax? Or is it a short term plan to build then sell the business, paying as little capital gains tax as possible? What are the dangers to shelter the business and its principals from? How does it all fit in with the rest of the client’s financial, legal and personal affairs?

At Somerville Legal, we believe in working with the client and the accountant to get it right from the outset. An hour working together at the whiteboard will usually lead to the best overall structure. Our unique blend of understanding of the requirements of the accounting profession, combined with our commercial law expertise and experience results in the best possible solutions.

Once the structure is decided, the tasks are allocated between the accountant and Somerville Legal, leading to a seamless result for the client. The documents we prepare are as simple as the task allows, and blend perfectly with the overall solution worked out with the client.

Please contact Tim Somerville or Andrew Somerville.