What is the best structure for my business? Sole trader, company, partnership, trust or something else?

Watch our latest video on your business structure or alternatively complete our Business Health Check to obtain a detailed report on the Health of your Business together with recommendations.

To take our free Business Health Check click here.

To schedule a free review of your current business structure click the following link: Book a meeting instantly

To view our knowledge base glossary – for the definition of a term click the following link:  Glossary of terms

To view our knowledge base click the following link: Knowledge base

For any other questions chat with us now using the live chat icon in the bottom corner of your screen.

For more information – chat with us live using our instant chat tools (bottom corners), book an appointment or call now on 1300-327123 (till late).

The importance of your business plan

Watch our latest video on your business plan or alternatively complete our Business Health Check to obtain a detailed report on the Health of your Business together with recommendations.

To take our free Business Health Check click here.

To schedule a free review of your current business structure click the following link: Book a meeting instantly

To view our knowledge base glossary – for the definition of a term click the following link:  Glossary of terms

To view our knowledge base click the following link: Knowledge base

For any other questions chat with us now using the live chat icon in the bottom corner of your screen.

For more information – chat with us live using our instant chat tools (bottom corners), book an appointment or call now on 1300-327123 (till late).

take our free Business Health Check and receive bespoke, obligation free advice suited to your needs within minutes.

Otherwise – click here to book a free appointment, call me anytime on 1300-327123 (till late), or click the chat tool – bottom right corner to instant chat now

Thanks, Mark Smith, Director

Debts owed to your business

Having too many or too few debtors could be a sign of poor business health – take our Business Health Check.

Having too few (or no) debtors might mean that your business could expand its business by offering to the right clientele some limited credit facilities?

To schedule a free review of your current business structure click the following link: Book a meeting instantly

To view our knowledge base glossary – for the definition of a term click the following link:  Glossary of terms

To view our knowledge base click the following link: Knowledge base

take our free Business Health Check and receive bespoke, obligation free advice suited to your needs within minutes.

Otherwise – click here to book a free appointment, call me anytime on 1300-327123 (till late), or click the chat tool – bottom right corner to instant chat now

Thanks, Mark Smith, Director

Debts of $2000+ that your business owes

Does your business owe debts it can’t currently pay? If so, and particularly if your business owes any single debts of $2000 or more – take our Business Health Check – click here: http://4799618.hs-sites.com/business-health-check-0

To go to our knowledge base – click here: https://assetprotection.biz/knowledge-base/ For more information – chat with us live using our instant chat tools (bottom corners), book an appointment or call now on 1300-327123 (till late).

Transcript:

business asset protection, dealing with the debts that your business owes
today we’re talking about the debts that your business owes to our businesses with a sole traders partnerships or even other companies and where those debts more than $2,000

we’re obviously in extraordinarily difficult times its today’s the 20th of March 2020 and

we’re obviously in an extraordinarily tricky set of times and
there may be for very good reasons there may be reasons why your business cannot meet its obligations today
maybe you’re a retail business
maybe you’re a service business and your customer base has dried up your cash flow is dried up
it could be a landlord that you owe money to well we’ve got it’s very important that you keep your head focused on the solutions and and not pretend that they don’t exist because just won’t make it any better
we’ve got this tool that we’ve when now making available more widely
obligation free to members of the public businesses, partnerships yes well really they’ve got got to be business debts but primarily if you’re a company this and your debt is over $2000 this service “should” be of some assistance to you it’s absolutely free upfront and we do get paid in the back end but it’s absolutely free service upfront no charge to you and if we hope to save you money and maybe we might help to save your business and your family home and many other assets well there’s there’s a fee in the back end
but you don’t have to worry about anything upfront it’s a completely free service
we include some links below to our knowledgebase explaining how the service actually works in some more detail
and there is a form an online form that you can complete where it starts the process
and you can you can use this tool
doesn’t matter how many organizations how many businesses that your business owes money to primarily it helps with business debts over $2,000 but they can really be any size that and it’s just to you know help keep the lights on help keep the things running
but help you to make your legal obligations
more generally we do have another suite of products helping you to you know looking at your business helping you with business plans and that sort of thing but also helping you with the structuring of your business to protect your personal and business assets
so they don’t form part of what we’re discussing today
we’re only talking about the debts that your business owes
but if your business is also owed money then we have our services so please check out our our knowledgebase give us a call 1300-327123 and discuss your problems
or
alternatively go to our website www.assetprotection.biz and use the live chat tool down in the bottom left-hand corner have a chat with us
we’re here to help
no fees upfront and you can you can call us anytime till late most days
so 1300-327123 – Mark Smith is my name on the director of this business and
we’d love to help you thank you

take our free Business Health Check and receive bespoke, obligation free advice suited to your needs within minutes.

Otherwise – click here to book a free appointment, call me anytime on 1300-327123 (till late), or click the chat tool – bottom right corner to instant chat now

Thanks, Mark Smith, Director

Mark J. Smith
Mark J. Smith

ATO kills huge liquor business overnight … 

We’ve been researching the circumstances of a once highly successful liquor manufacturing business, with a huge client base – domestically as well as around the world.

This business had grown and prospered for more than 50 years until this year.  This hard work was all undone overnight when it was wound-up by an aggressive ATO.

Our research indicates some or all of the situation could have been avoided with more thoughtful structuring and asset protection arrangements.

The business was wound up, more or less overnight, by the ATO.

50 years of hard work bought undone overnight.

Business Asset Protection, applying the research this case has uncovered, is offering free business structuring health checks for companies – particularly in high tax sectors such as liquor, with slow paying wholesale customers or those experiencing growing inventory levels.

To arrange a free structuring health check call now on 1300-327123 or complete the below form.

.

Good debt practices

Business Health Check
Business Health Check

There are a number of healthy things a company can do in the conduct of its affairs.  Some obvious, some not so obvious – but most discussed under our free Business Health Check – start now

Below is a short checklist of good practice suggestions (in no particular order).

Checklist

  1. Not incur debts in the first instance.
  2. Checking invoices and ATO tax office statements carefully – ensuring there are no additional, unapproved items.  Particularly in relation to taxation matters, it is critical that you check these thoroughly!
  3. Disputing unapproved items quickly.  Ideally in writing.  Particularly concerning alleged taxation debts, directors tend to do the opposite.  And, a director under pressure already, often fails to fully read a tax notice of assessment.  (Sometimes they are just plain depressing).  A director must resist the urge to bury the document and should immediately dispute any tax ruling or assessment that they believe is incorrect.  Failing to dispute assessments can have huge consequences later when and if a creditor’s statutory demand has been issued – options become vastly more limited.
  4. Putting everything in writing.  i.e. using email particularly when entering contractual arrangements.  This can provide an important record of the exact agreement.
  5. Confirming discussions in writing by email after discussing things with the other party.  i.e. if one side has made concessions about the debt, the time when due or payable or similar, send an email immediately afterwards confirming what was discussed.  It’s much easier to remember at the time than 2 months later.
  6. Keeping documents and records.  Ideally electronically in an inbox.
  7. Backing up and saving documents and records.  There are many good free or low-cost cloud solutions for storing emails and documents.

If your company needs help arranging its file, contract and legal documentation, or if your company needs to dispute a tax notice of assessment or director’s penalty notice call us for a free consultation, call 1300-327123 or complete the form below.

Take our free Business Health Check – start now

Thanks,

Mark Smith, 1300-327123

Mark Smith, Business Asset Protection
Mark Smith, Business Asset Protection

To view related blogs, follow the following category links and tags below.

What is a liquidator?

What is a liquidator

A liquidator is a person appointed, in the winding up of a corporation, to assume control of the company’s affairs and to discharge its liabilities in preparation for its dissolution.  The appointment of a liquidator may be done voluntarily (by the proprietors) or via the courts (usually upon the application of a creditor – very often the ATO using a creditors statutory demand).

The process of the liquidator conducting the affairs of the company and realising its assets is called liquidation.

The liquidator’s role is to ascertain the liabilities (and assets) of the company, convert its assets into money, terminate its contracts, dispose of its business, distribute the net assets to creditors and any surplus (which is rare) to the shareholders and/or proprietors.

The liquidator will extinguish the company, lawfully, as a corporation on the records of ASIC by formal dissolution.

In determining the assets of a company, it is the liquidator’s duty to determine whether particular assets under the company’s control are owned by the company or others – i.e. stock may be purchased subject to a retention of title, vehicles may be on a corporate hire purchase and secured via a PPSR.

BAP can assist company directors to structure their assets and affairs, if not insolvent, in such a fashion to provide lawful asset protection.  To discuss how we can help to structure your company’s affairs and assets to provide maximum asset protection, please click here to book an appointment, call 1300-327123 (1300-DCP123), or complete the below form.