When purchasing any asset (such as a property or business) you should consider how you wish to own that asset. For example you could own an asset:
– in your own personal name;
– in a company name;
– in a unit or discretionary (i.e. family) trust;
– in a partnership;
– in a self managed superannuation fund; or
– in more than one personal name (e.g. joint tenants or tenants in common).
You should make an informed decision before committing to a purchase. Owning an asset in the wrong type of structure can have various adverse consequences including, in relation to taxation, estate planning and asset protection. Trying to correct the wrong decision later down the track can also prove quite costly.
Accountants, company directors, medical practitioners, architects and engineers are among some of the at risk occupations that can benefit from carefully thought out ownership structures.
If you would like advice on asset ownership and your options, contact the experts at Matthews Folbigg Lawyers in Parramatta. We take a holistic approach by considering your personal, commercial and estate planning needs.
Don’t wait until it’s too late, call today for more information. The commercial lawyers at Matthews Folbigg Parramatta can provide you with legal advice and information on all aspects of business and commercial law.
Phillip Brophy – phillipb@matthewsfolbigg.com.au or 9635 7966
