As your business ideas grow and evolve, your company will naturally develop—and the structure that supports it may need to change accordingly.
For example, you might find that you now have
- Land, property, or expensive assets that you wish to protect;
- Some parts of the company’s trade/s that are riskier than others;
- Part/s of the business that you would like owned by different people; or
- Part/s of the trade/s that you would like to separate in anticipation of a future sale.
It is key that you regularly discuss the short and long term aims for your company with your accountant or tax adviser to ensure the current structure is still fit for purpose.
Certain major milestones in your business’s development call for specialist guidance – especially if you are thinking about purchasing a trading premises or starting a new trade. It is easier (and cheaper) to get professional tax advice at an early stage, ensuring you have the right structure from day one, rather than restructuring your company further down the line.
Every situation will be different and your accountant/tax adviser will need to guide you on the advantages and disadvantages of the various options, recommending what is best for your current circumstances and long term aims.
If you would like further advice on this, or would like a review of your current structure, please get in touch with your usual M+A Partners contact or reach out to me using the details below.
