There are over 2 million businesses in Australia and more than 700,000 of them are companies.
The vast majority of these are proprietary limited companies running small to medium enterprises.
Each of these companies is run by at least one director, but normally there are 2 or more directors of companies…
It is important to remember that if a person becomes bankrupt, all their assets “vest in”, or become controlled by, their trustee in bankruptcy, who can then sell those assets to pay out the creditors of the bankrupt.
Such assets include the family home of the bankrupt whether the home is registered in the sole name of the bankrupt or the joint names of the bankrupt and their spouse or other family member.
Partnerships are one of the most common business structures. In order to establish a partnership all that is required is two or more individuals carrying on a joint business venture with a view to profit, each incurring liability for losses and the right to share in the profits.
Like a de facto relationship, no formal documentation or procedure is required to establish a partnership.
The New Year brings with it an opportunity to take stock of what has happened in the previous 12 months, and to look forward and plan ahead for another 12 months and beyond.
You may want to make changes in your life, in business and in terms of your assets.