• Has your lender reviewed your mortgage or financial position recently?
• How long since you have checked to see if you have the best deal deal for your circumstances?
• Do you think your lender is likely to suggest a better, cheaper way  to structure deal with them?
• Do you think they would be objective in their offering when they only represent one brand, Theirs?

If you think the answers to any of the above is ‘No’, then HAVE YOU CONSIDERED A FINANCE BROKER?

• They will have access to numerous lenders in addition to major banks!
• being able to provide options that would take you hours to research. There are always ‘Specials’ being run by lenders , which can change weekly.
• Can advise of costs & pricing & provide various options
• Assist with developing a strategy to meet your goals like reducing number of payts & amount
• In a lot instances, present options for lower interest rates and costs
• Generally free to you as in most cases they are paid by the lender that you choose
• Brokers must be licenced

It’s TAX time again…. and I have seen with some of my existing clients, the ATO has been a little lenient with some of the outstanding tax monies, until now that is!

Traditionally banks are not kind on Tax Debt payments and if the ATO is pushing for payment of last year’s outstanding then you may need some options and quickly.

The GFC has seen a huge impact upon the Finance markets especially with the non bank lenders. The good news is lending has been slowly improving with the confidence, so has the lending options available to those who don’t fit the normal banking guidelines.

Policies for non banks have improved allowing for higher lending ratio’s on residential housing even if you have had some late payments or some credit dispute.

The approach avoids mortgage insurers so a more common sense approach can be adapted to an individual’s / business circumstances.

The pricing is more in line with overdraft rates; however the options can be structured to allow you to return to main stream lending options in a relatively short period of time.

Contact Howard now for a no obligation discussion

Running a business out of a structure that does not protect the Business or Personal Assets is one of the most common mistakes in business today.

A Pty Ltd Company structure offers very little protection, if any.

Should the business fail, all Personal Assets in the Directors names as well as all Business Assets in the company name are at risk.

A professionally designed business structure can overcome this problem.

If designed correctly, it will also provide the ability to legally reduce your income tax liability to a minimum.

I got involved in this type of work back in 2004, after I witnessed a friend lose everything due to his business failing.

You hear about it all the time.

Due to incorrect advise from advisers not qualified in this field, people start up business in a variety of structures.

It is not until it is too late that they find out that everything they own and have worked so hard for is at risk.

Everybody has insurance in place, and gladly pays the premium just in case the unforeseen happens.

The putting in place of a professionally designed business structure to run your business out of should also be considered a form of insurance.

The main difference being that there are no annual premiums to pay.

You pay for the designing and implementation of the structure at the outset only once.

Our structures are scrutanised by our specialty solicitors to insure that they will stand up in court should they be attacked, before being implemented.

Most people do not realize the many ways that they can lose what they have worked so hard to accumulate.

If you are a landlord, your tenant (alleging injury) could sue you for everything in your personal name (this could include your family home and business).

Should your business fail, your creditors could sue you (as director) for everything in your personal names (this could include your family home and investment property).

In 2007 changes were made to bankruptcy laws, allowing the trustee in bankruptcy to access your superannuation fund (section128B).

Should you be sued, and your insurance company accused you of some form of impropriety, you would then have two court cases on your hands.

One proving your innocence and the other fighting the insurance company.

Our aim is to make it financially prohibitive for anybody to sue our clients.

We structure our clients in such a way that should a mishap happen in one area of their lives; it will not totally destroy them.

These types of structures can only be put in place when there are no signs of there being a problem.

Should the unforeseen happen, and the creditors can prove that the business was trading whilst insolvent, the courts can overturn the structures.

The best time to put these structures in place is now, when you do not need it.

Wait until you do, and it will be too late.

As long as your business is viable, you should be talking to me.

martinfs@bigpond.com

I would like to bring to your attention the most common legal mistakes in business.

Your trusted professional advisor has provided this information to you because they care.

As you read through this information, you will realise the implications and the affect that these common errors would have on your business.

My advise to you as a self-employed person running your own business, is to surround yourself with Trusted Professional Advisers that you can rely on.

Should you be unsure as to whether these matters have been addressed in your own situation, please contact the person that passed this information to you immediately.

Business owner dies without a will or becomes disabled:

This can result in all business accounts being frozen. 

Some mitigating actions include:

1. Having a will, which includes a business clause allowing a trustee to run your business. 
2. Having an extra person authorized to sign documents e.g. enduring Power of Attorney.
3. You should give serious consideration to having adequate life and accident insurance cover.

The Business is sued and the Personal Assets are at risk:

This is an important reason to ensure all that business operations are conducted through a purposely-designed Business Corporate Structure, which protects your Personal Assets.

Not mediating disputes early:

Lawyers are expensive and there is no guarantee you will win.

Litigation is also very stressful; in most cases it will probably be cheaper to resolve the issue as early as possible.

If you have no Assets at risk, either Personal or Business, an early settlement (if at all) is much easier.

Many a person has lost everything in proving their innocence.

No Shareholder / Partnership Agreement in place:

Nothing lasts forever, especially partnerships.

Having a buy / sell agreement in place from the outset of your business venture, will make later splits quick, cheap and acrimonious.

If you are in business with another person, you have an insurable interest in their life.

A buy sell agreement funded by cheap Term Life & Disability Insurance is an excellent way to address this problem.

Would you like to support your deceased partners heirs for the rest of their lives.

Without an agreement in place prior to death, that is exactly what you will have to do.

Business Agreement does not have terms and conditions:

Having the above agreement in place, without specific terms and conditions that are binding on the estate of the deceased is a total waste of time and money.

Failing to protect Intellectual Property:

If you have specific ideas, processes or products that are unique to your business, they need to be protected.

Failure to protect Business / Product Names:

Ownership of logos and / or business names should be protected.

No written Contracts with Employees:

Employment agreements should include a confidentiality clause and protection of your client database.

Placing limits on access to new employees within a certain area of your office and prohibiting the soliciting of your customer database is only a small area, which must be addressed by this agreement.

Contracts and Agreements are not read and understood:

Take responsibility to understand what you are signing – especially if it is an important document.

Ignorance is no defense once a document is signed.

If you found this information of benefit to you, please call the person that sent it to you and thank them.

I feel sure they would appreciate it.

Kind regards

  martinfs@bigpond.com

Courier Mail - 10th Nov 2008

THE banks must pass on the full reduction in official interest rates to business as soon as conditions in financial markets ease, a leading business lobby group says.