What are the benefits of a structure review?
Every business or investment is unique. For this very reason McKinley Plowman take great pride in tailoring your structure to ensure that it meets your specific requirements.
The importance of a structural review should not be overlooked when starting, expanding, or selling a business/investment venture. Setting the right legal structure (e.g. partnership, company, discretionary or unit trust) will set you up for success and will address, in advance, important issues such as Asset Protection, Tax Planning opportunities, Regulatory/Industry Requirements and Exit Strategies.
When should you consider a structure review?
Don’t sign a contract or enter into a new venture without a structure review! You should also consider reviewing an existing structure as the business evolves and investments grow. Reviews become most pertinent when you may be intent upon selling your business, raising capital or bringing in new business partners or investors. A review is also worthwhile periodically when tax laws or industry regulations change
The big McKinley tip is to remember that as your business, investments or objectives change over time then, potentially, so should your structure.
What process can I expect?
Step 1) – Initial Discussion
We’ll get to understand your overall objectives and we may even discover the current structure is still the right fit. On the other hand, if there are fresh opportunities worth exploring then we’ll suggest proceeding to a review.
Step 2) – Restructure Report
Our specialist team will prepare a written report that details a proposed structure along with recommendations. It will cover every aspect with regards to modifying your existing structure and provide you with great information to make an informed decision.
Step 3) – Implementation Phase
McKinley’s have comprehensive process in place to ensure a smooth transition to your new structure. This includes the set up of new tax registrations, liaising with third parties on your behalf (banks, solicitors, ATO, ASIC etc) and assisting with all other logistical/administrative changes.
If you are interested in a structural review and want to find out more to get the process started – contact us here.