You wish to start a business: have you considered everything?
In addition to its actual creation, there are many other aspects to consider when setting up your company. Have you thought about protecting your family home for example? Did you know that a law pertaining to purely professional debts can be invoked to prevent the repossession of your family home? Does the creation of your business require the drafting or amendment of a marriage or cohabitation contract? What resources did you use to establish your company and to whom do the shares issued actually belong? What resources do you require to finance your private expenses and how can these be fully optimised? These are just a few of the questions that our team of specialists will be happy to answer.
Growing your business: are your family and assets sufficiently protected?
You are the proud owner of a thriving and profitable company. As a self-employed business owner, this means that you cannot afford to be out of action for any considerable time. Fortunately, there are many ways to protect both you and your business during an eventual incapacity for work. A guaranteed income insurance policy will provide income protection and ensure that your family’s standard of living is not compromised for example. If you are no longer able to make your own decisions due to an accident or illness, then you can assign a pre-appointed person to (temporarily) take over the management of your business via a power of attorney. It is also important to stipulate how you wish your shares to be managed upon your demise. Perhaps your children are still too young, and you prefer to assign the full right of decision to your partner? A shareholder’s agreement or a change to your marriage contract may offer a potential solution. And whilst your retirement might seem a long way off, it is important that you start preparing for this inevitability today. Vandelanotte would be delighted to assist in the drafting of your pension plan and will additionally outline the process for accruing the necessary pension capital if desired.
Transfer, termination and retirement: how can I maintain my standard of living?
The end of your professional career is in sight, and you are consequently contemplating the transfer or termination of your business. Should you hand over the company reigns to your children for example? Or are you planning to sell to a third party? And how can this be arranged? It is important that you also reflect on how to maintain your current standard of living once you have stopped working. Our team of specialists will gladly draw up an estate plan, which maps all your assets and rapidly highlights any gaps. We are also on hand to provide expert advice to those wishing to invest in property abroad. Indeed, our team of dedicated specialists actively guide you in all the tax and legal aspects that must considered when making such a purchase. Finally, there is a strong chance that a significant portion of your assets will end up in the hands of the tax authorities upon your death. We can assist by composing a detailed and legally sound succession plan that may potentially reduce the amount of inheritance tax your inheritors are required to pay. After all, every penny counts!