BALDWINS • FoodLegal

Australian Lawyers and Consultants

Business Succession

Business succession planning is an important consideration for every business in order to ensure tax effective arrangements. In particular, there are three main areas which must be addressed:

• Succession in a Family Business
• Succession when a Partner Leaves
• Succession upon Death, Disablement or Trauma

Baldwins is active in the area of Business Succession Planning, and has established business succession plans for some of Australia's largest privately owned businesses. In particular, Baldwins has developed a comprehensive tax effective Funded Business Succession Package dealing with the death, disablement or illness of a partner.

Any related Family Trusts should also be reviewed, and separate estate planning undertaken in relation to each Trust. Trust assets are not part of one’s personal estate and therefore not governed by any Will, but issues such as who will control the Trust, and when might a beneficiary or creditor be entitled to receive payments, need to be addressed.

For further information, contact Joe Lederman at BALDWINS, Australian Lawyers & Consultants.

Articles

Dangers of Selling a Business on Vendor Terms -- July 2005

Business Succession Planning -- February 2004

More Tax Risks in Selling a Business -- August 2003

Departing Partners

Business Succession Archive