Applied Strategies Assignment Help
Asset Protection Gavin needs to be aware as a direct owner of Mortgage Specialists Pty Ltd that as a result this exposes him to litigation and creditor risk. In other words should he be personally litigated or personally bankrupt his share of the company would constitute an asset which can be taken from him. For Mike this also presents a problem as he may find himself vulnerable due to his partner’s personal affairs as a creditor can get hold of Gavin’s share of the company, which would mean that Mike could potentially find himself in a partnership with Gavin’s creditors or a situation where Gavin’s share of the business is sold off.
Business Succession Currently both directors of Mortgage Specialists Pty Ltd do not have a Buy/Sell agreement in place to allow the surviving partner buy out the departed partner’s share. This potentially exposes each one of them to a risk of working with each of the director’s respective Estate beneficiaries due to death of one director. Conversely if one of the directors suffers a TPD or a Trauma event, which might leave them incapacitated to such an extent that they may no longer equally contribute to the business as previously.
Estate Planning Currently Mike and Jane do not have a Will in place, which means that in the event of their death it is uncertain who would be the Estate beneficiary or who would continue to look after their 14-year old twin girls. By not having a valid Will in place in the event of either or both Mike and Jane’s death they would die intestate, which means a court appointed judge will decide who the beneficiaries would be and as a result it may mean that the beneficiaries may not be those that Mike and Jane would have nominated if they had a Will in place.Order Now