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Glossary of terms used on this site

There are 73 entries in this glossary.
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A

Term Definition
Accumulated profits

Profits that have not been distributed to shareholders as dividends but which are retained and used in the company's business.

Acquisition

Where one business takes over another and is then the owner of that business. The business that has been taken over now ceases to exist.

Appointor

Also known as the Guardian or the Principal. The appointor of a trust has the power to remove and reappoint the trustee. This is the key role in a trust with implications for control of assets in longer and immediate time frames.

Asset/Litigation Protection

(BSR analysis element) Over time the placement and use of business structures are used more for taxation purposes, and it is necessary to assess the risk of any paper trail for litigation from trading entities to personal & family assets. Asset protection is a fundamental plank of succession planning.

This may require changing or altering the ownership and use of existing entities and/or the setting up of new ones. These actions can be stamp duty and CGT sensitive and consultation with business accountants is necessary. In some cases a tax opinion may be called for.

Assets

Items that are owned by the business, they may include such items as plant and equipment, motor vehicles, intellectual property or customer listings. Family assets may include share portfolios, investment property or collectables including art.

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Testimonials

Sean says

We are in business with my parents and brother. Some land had been transferred to my brother and I and we asked Jim to prepare a immediate exit strategy in case one of us had or wanted to withdraw. We sought bank finance to improve the land. Jim was able to do that plus discover a error in how the land was transferred that the bank had missed. Since then my brother has left the state and he is being paid out exactly as we set up; no argument.