TF Partners can assist you with protecting your hard-earned assets from legal liabilities and claims. Ideally, we would like to ensure that your risky business endeavors are separated from your wealth generating assets. This includes segregating business and personal assets, by ensuring that personal assets are not held by an at risk company director.
Businesses are at risk because of the nature of their pursuits. An entity conducting business may be a risk of legal liabilities and claims, when complying with:
- Employment laws
- Superannuation requirements
- Contractual obligations
- Duties of care
- Specific industry requirements
- State revenue obligations such as payroll tax and stamp duty
- Occupational health and safety requirements
- Privacy obligations
- Income Tax and GST
An effective method of asset protection is ensuring that the assets are held in a different legal entity to the trading entity. For example, a manufacturing business may have its business premises and plant and equipment owned by a separate legal entity to the trading entity. The asset owning entity can then lease the assets to the trading entity for an appropriate fee. The trading entity has the use of the assets, but if it finds itself in financial difficulty the assets can be protected from liability.
A similar approach can be obtained by separating out the employment and contracting roles from the asset and business trading structure, which would protect the trading entity from financial difficulties arising from employment laws.
Why choose TF Partners?
TF Partners is constantly evolving and developing alongside our clients, to provide a holistic range of services including Accounting, Business Advisory, Wealth Management and Finance. With our depth of expertise, we provide our breadth of services to a diverse range of clients across an array of industry sectors.