Should I restructure my business?
There are many reasons why businesses restructure. If you are exceeding expectations, it may be a good time to grow. Conversely, restructuring can help businesses in financial difficulty, alleviating both immediate and ongoing stresses by forging new agreements with creditors. Other reasons may be:
— Changing from being a sole trader to a partnership, or vice versa
— Revised company and trust arrangements
— Implementation of new goals and strategies after buying an existing business
— New overall financial goals, commercial objectives and/or operational procedures
What is compliance?
Compliance refers to how companies meet their legal obligations, including government and industry-based regulations, standards and ethics. In fact, compliance can be considered a business strategy in itself, with benefits for owners, shareholders and clients. By demonstrating adherence to all legislative and commercial procedures around compliance, you foster trust and enhance your reputation.
Does restructuring affect compliance?
There is no “one size fits all” approach to compliance. Whatever the motivation for restructuring your business, the ATO’s requirements around compliance will likely be affected. It is therefore essential to be fully informed about your options, priorities and legal/taxation conditions.
The good news is that Ballantyne Law Group is here for you. Our team of commercial lawyers understands how company changes apply and are implemented. We work closely with business owners/investors, accountants and other parties relevant to the restructuring process and the future protection and performance of your company.
Who controls my business while restructuring?
If your business is eligible for restructuring – and our commercial lawyers can advise you accordingly – owners can retain control of their business while restructuring is decided and developed.
When you start out in business, proper structuring and taxation flexibility are the best way to protect your business and assets. But when restructuring becomes necessary, do not leave such an important procedure too late or to chance.
For all your commercial law needs, make an appointment, come in and talk to our Gold Coast Commercial Law team at Ballantyne Law Group. Call (07) 5606 7332.