Elementor #4297
Matthew Elvin August 13, 2022
Should my business use a trust? A business can be owned by one or more trusts. A discretionary trust is common. A discretionary trust holds
Business Advice
Business structure matters
A sole trader is an individual who is personally liable for the business. This is the most cost effective and simple structure. However, it does not easily accommodate for future growth, allow for flexibility, protect personal assets, or provide the tax benefits of other structures.
A partnership is two or more individuals or entities conducting a business together. Although a partnership offers more flexibility than a sole trader structure, the partners are still personally liable for the business. The extent of the liability depends on whether the partnership is a general partnership, a limited partnership, or an incorporated limited partnership. A partnership can also be a partnership of companies, discussed below.
We advise clients on the risks and benefits of the sole trader and partnership structures.
Trust
A trust is a business structure where the trustee holds property or income for the benefit of its beneficiaries. Trusts are an appealing structure for the purposes of asset protection, tax minimisation, and reduction of individual risks. The trustee of a trust, either an individual or an entity, is responsible for managing the trust as well as distributing its income and capital to the beneficiaries. If the trust is discretionary, the trustee will have discretion to decide how to distribute the income and capital. We advise clients on trusts.
Company
A company is a separate legal entity. A company in its own legal capacity has the same rights as a natural person, meaning that the directors and shareholders are not liable for the company’s debts and liabilities. A company is regulated by the Corporations Act 2001 as well as a constitution or replaceable rules (if any). The legal relationship between its shareholders is governed by a shareholders agreement. We advise clients on companies.
We are no-nonsense lawyers who will talk straight with you, charge you fairly, and fight for you when needed.
Our legal services are high quality, our advice is clear, and we are transparent with costs.
You will have direct access to your lawyer, not just their assistant.
You will understand your lawyer’s advice and have access to our professional network of experts and legal minds.
Feel comfortable and supported in our collaborative and judgment-free legal practice environment.
With offices in Brunswick and Preston, Elvin Lawyers is a firm of four like minded lawyers brought together by a passion for justice, a no-nonsense approach to legal practice, and a genuine desire to do better for our clients.
Jackie Smith, Louie Elsoukmani, Matthew Elvin and Jason Falzon are seasoned lawyers, equally as comfortable in the heat of litigation as they are in crafting meticulous agreements.
Google reviews
Matthew Elvin and his team from Elvin Lawyers come with the highest recommendation for their professionalism, expertise and unwavering commitment to their clients. Matthew Elvin specifically takes the time to listen to your legal issue, evaluate, present options with realistic expectations and keep you constantly updated.Elvin Lawyer's success is having a great office team that balances a high level of legal expertise with empathy and kindness for the client.Thank you Matthew for your tireless commitment to our legal matter and congratulations on representing an outstanding legal practice.
We had a good experience with Elvin Lawyers - Jason was a very thorough and thoughtful lawyer.
Very happy to show our support for this firm. They are very knowledgeable, professional and good people to work with.
We've employed Elvin Lawyers on two occasions, and in both cases they have been very professional, friendly and accommodating. Highly recommended.
A thoroughly professional lawyer. Most importantly kind, empathetic and driven to get the best outcome for the client. I would have no hesitation in using the services again.
I worked with Skye Wilde for my family law matter and she was fantastic to work with. She was kinda and courteous, always approachable, and always prompt in getting things done. She also gave us realistic advice on how to proceed after the case was completed.(Posted on behalf of my mother)
Case highlights
“In the absence of clear and satisfactory proof, the court cannot be satisfied that the deceased knew and approved of the contents of the Will.” – Judge McMillan, 17 May 2021
- In a 2022 VCAT case Elvin Lawyers relied on expert neuropsychological evidence to persuade the Tribunal to overturn a 2021 Power of Attorney and instead uphold a 2017 Power of Attorney made by Elvin Lawyers’ client.
- In a 2022 Supreme Court case Elvin Lawyers won an appeal, overturning an earlier Magistrates’ Court judgment regarding breaches of Overarching Obligations.
- In a 2021 Supreme Court case, Elvin Lawyers and a barrister persuaded the Court to overturn a deceased’s Will. This ruling meant that Elvin Lawyers’ client received considerably more from the deceased estate.
- In a 2021 Supreme Court case Elvin Lawyers made a hard fought and complex application to dismiss a Court proceeding for ‘abuse of process’. Unfortunately that application was not successful and that proceeding is continuing.
- In a 2020 Supreme Court case Elvin Lawyers successfully defended a summary judgment application.
- In a 2020 County Court case, Elvin Lawyers persuaded the Court to dismiss the case against their client.
- In a 2019 VCAT case, Elvin Lawyers persuaded the Tribunal to revoke the administration order previously placed on their client.
- In a 2019 (unreported judgment) Magistrates’ Court proceeding, Elvin Lawyers successfully defended a summary judgment application against their client.
- In a 2018 case, Elvin Lawyers with Counsel persuaded the Tribunal to order the other parties return valuable tools and machinery to Elvin Lawyers’ client.
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The need for written business agreements
Matthew Elvin March 14, 2022
Business disputes often arise because people either did not document an agreement at all or they entered an inappropriate agreement due to a lack of
Should my business use a trust?
Matthew Elvin March 14, 2022
A business can be owned by one or more trusts. A discretionary trust is common. A discretionary trust holds the business assets on behalf of