Before De Facto Cohabitation or Living Together.

Under the amended Family Law Act people in de facto and same sex relationships are now able to make 'Financial Agreements'. This means de facto couples can make the equivalent of a 'prenuptial agreement' before they commit to living together in a domestic partnership.

Making a financial agreement (FA) before you move in together (cohabitation) allows you to stipulate and protect particular assets or financial resources from claim by your future partner in the unfortunate event of a relationship breakdown.

As an example a couple who are intending to move in together can make a pre defacto Financial Agreement which deals with the assets and financial resources owned by one or both of them before cohabitation. By “isolating” those assets in the event of separation each party is able to leave the relationship, should the need arise, with the property they bought in, making defacto property settlement easier. This type of legal financial arrangement is quite common and generally no more difficult than a will to draft.

For example.

Greg and Yana are a professional couple each of them recovering from a previous marriage split. Although they both feel their new relationship will be strong and withstand the test of time they are nervous about combining all of there finances before they have been together for a longer period. What should they do?

Greg and Yana can have their cake and eat it too by making a financial agreement.

Essentially each party makes a declaration of the assets and liabilities they each own before cohabitation and they include a statement to that effect in their FA. Each party is responsible for the debts they bring to the table and each can leave with the assets they bought in. If they choose to make provision for separate or combined living expenses they can do that also.

Section 90G of the family law act requires both parties to obtain independent legal advice from a legal practitioner including the advantages and disadvantages to the party of making the agreement. Once the advice is given, the solicitor for each party will attach a Certificate confirming that advice was given prior to the parties signing the Agreement.

This prevents either party from arguing that, at the time of making the agreement, they were unaware of the ramifications of signing the agreement.

Make sure you visit our Agreement Review page for the added security and guidance of good legal advice.

Pre Defacto Agreement kit with easy to follow instructions. Download now. Only $129.95 click here.

This Pre de facto financial agreement kit has been professionally drafted to comply with section 90UB of the Family law Act.

The kit includes

The Financial Agreement

Easy-to-follow instruction manual

Sample pre de facto financial agreement and several sample clauses to assist you in drafting your own professional agreement.

"HOW MUCH IS YOUR BUSINESS WORTH?"

Valuing Your Business -

So, how much is your business truly worth? Do you know 9 out of 10 business owners have little idea what the true value of their business is? Yet nothing is more important that getting this right. Valuing a business can be very complex. In fact, a business can have more than just one value. It depends entirely on the seller or buyer's perspective.
For example, a business can have a different value to an owner-operator buyer than it does to an investor buyer, or to a competitor wishing to expand, or to a supplier or customer wanting to vertically integrate. Unfortunately, it can also have quite a different value again to a liquidator! The better professional business valuers take the key drivers into account when they value a business. (You can value your own business quickly and easily with the Small Business Appraisal Tool found in The Business Valuation Appraisal and Marketing Kit)

-The Key Drivers of Business Value.

The better professional business valuers consider the following factors when valuing a business:

- Margin.

The greater the positive difference between all business costs and sales, the more valuable is a business.

"Valuing a business can be a very subjective process. The business owner invariably thinks their business is worth a small fortune and, of course, the prospective purchaser wants to pay nothing for it. The book and software guide you through the process and helps to determine the appropriate valuation method and earning multiple applicable to your business. I found the book and software extremely valuable as not only a guide for the small business owner, but a tool that accountants can use to advise their clients. Accountants in public practice are not taught how to value a business. It is something they either pick up from a more senior member of their firm or they attend a workshop specific to the subject. I highly recommend this as a tool that all small business and public practice accountants should own and refer regularly to."

Once your business is appraised and valued then you will need a business for sale legals and contracts kit. You can get a Complete Sale Of Business Legals Contracts Kit here. It will save you thousands of dollars.

You have probably heard of salary packaging, a flexible remuneration scheme where employees agree to forgo part of their salary (thus the term salary sacrifice) in exchange for certain non-cash benefits. An associate lease is one of the ways through which employers can provide their employees with car benefits under a salary packaging agreement. With an associate lease in place an employee can reduce their taxable income in exchange for a motor vehicle.

What is an Associate Lease?

An Associate Lease is a lease rental arrangement whereby an Associate of the employee (eg partner, spouse) owns the motor vehicle and leases it to the employer. The motor vehicle is then provided to the employee on a fully maintained basis.Once the lease is in place, the motor vehicle is recognised as an Employer provided motor vehicle for both the purposes of the Income Tax Assessment Act and the Fringe Benefits Assessment Act.

The Benefits of Associate Leases

The Associate leases arrangement provides two key benefits :i) Lease payments are paid as income to the associate who would generally be in a lower tax bracket than the employee.ii) Additionally all of the running and maintenance costs are paid for and claimed as a deductable expense by the employer.iii) Employee forgoes income in exchange for car benefits thereby reducing tax liability

An associate lease is thus a salary sacrifice arrangement that is very similar to a novated lease agreement. However, in an associate lease, the employee's associate is the owner and thus the lessor of the vehicle provided by the employer to the employee whereas, in a novated lease, a finance company is the lessor.

However convoluted it may seem on the surface, an associate lease is simply an arrangement in which the employee through his associate leases the employer his or her existing car so that the employer can provide him or her with car fringe benefits, which he or she pays for by sacrificing part of his or her future salary.

Under an Associate Lease Agreement, the associate is liable to pay taxes on the lease payments received. However, if the associate in the agreement happens to be someone who has no or quite low income (e.g. adult child attending university), then income tax savings can still be considerable. After all, the marginal tax rate would still be lower than the rate that the employee would have to pay had the amount been on his or her assessable income. The depreciation allowance for the first year also leads to further reduction in the associate's assessable income.

Tenants in common agreement - joint owning property - co ownership of property.

FRACTIONAL OWNERSHIP AGREEMENT

How you can 'co-own' and draft an appropriate fractional ownership agreement.

The dream of buying your own airplane, sailboat, powerboat or expensive item is something many people share. All to often, however, these properties are either too expensive for a single person to buy, or potential buyers believe they will get more use out of the properties if they come together and purchase them as a team. Whether you and your friends wish to purchase a boat and agree upon the times when you can use it, or you want your own aircraft and want to spread out the expenses of operation, suitable agreements can be reached to make this possible. If fractional ownership of a boat or aircraft is something you wish to pursue, you’ll first have to draft the appropriate document. Here is what you need to know:

 WHAT IS A FRACTIONAL OWNERSHIP AGREEMENT?

A Fractional Ownership Agreement is simply a written statement describing the terms under which your boat or aircraft will be purchased and used. The agreement states what the responsibilities and privilages of the various co-owners will be. Whether it’s a time-share type agreement for a boat or a list of times when a group of co-owners have the right to use a crop-dusting aircraft, these agreements are written so each fractional owner will be clear what they can and cannot do.

 HOW MANY PEOPLE CAN ENTER INTO A FRACTIONAL OWNERSHIP AGREEMENT?

As many as agree to do so. Co-Ownership of a boat or airplane can include multiple parties. It’s quite common for groups of families or small business to agree to share rights to these properties, and apportion the share of costs or expenses appropriately. Of course, there will be practical limitations to any use, but as long as everyone agrees to the terms, the fractional ownership agreements can include as many people as you wish.

 WHAT ABOUT REPAIRS AND MAINTENANCE?

The co-owners can decide amongst themselves who is responsible for repairs and maintenance. Whether one person supervises all required maintenance and submits a bill to the rest, or if each co-owner agrees to take turns, however the parties wish to allocate responsibility to any area of the ownership details is up to them.

 WHAT DO I NEED TO INCLUDE IN MY FRACTIONAL OWNERSHIP AGREEMENT?

Most often, Fractional Ownership Agreements will include conditions that cover all contingencies. The method of funding, cost allocation, transfer of ownership interest and terms of use are all needed to make the agreement complete. These documents should be clear and concise, yet expansive enough to include all information required to make it clear to all parties involved what their responsibilities and privilages are.

The choice to enter into a Fractional Ownership Agreement for a boat, aircraft or other expensive item is a common decision many people make when they wish to purchase these kinds of properties. The most important function of these documents is to make it clear to each owner or potential co-owner what they can and cannot do with their share of the property. A well drafted Fractional Ownership Agreement will allow for everyone to enjoy their new purchase, while a poorly drafter document, or even worse, no agreement at all, will lead to endless problems.

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JOINT OWNERSHIP/ CO-OWNERSHIP AGREEMENT

Why Every Business Big or Small Should Take Advantage of Shareholder Agreements

 One of the worst things that can happen to a company is to have a minority shareholder who is unhappy with how the company is being run and no way to force him to sell his shares back to the company.

This situation can foster devastating legal action by an unhappy investor.

A Shareholder Agreement (also referred to as a partner buy-out agreement) can prevent this problem and give the company the right to buy-out a director or an investor.

If you don't have an investor buy-out agreement, then there is virtually no way to eliminate an unhappy investor or partner at a fair and reasonable price.

There are numerous reasons why smart business people use shareholder agreements.

As already mentioned the first and prime reason is that it provides an exit strategy. Without such an agreement the selling shareholder and the other shareholders must reach an agreement on a value of shares and stock. This is frequently a difficult task in closely held companies, particularly if the remaining shareholders have little or NO interest in purchasing the shares.

On the other hand, where a company has grown to be successful so that there is actually an outside market for the shares, the shareholder agreement allows shareholders to have control over any sales of shares to outside parties. This is done by a provision in the agreement that the shareholders have "a right of first refusal" to purchase any shares being sold, before the shares can be offered to outside sources.

Shareholder agreements can also ensure ongoing control of the company.

For instance, if a shareholder was married at the time that he gained shares in the company, the shares may be considered community property under state or Federal law. In the event that the shareholder does actual get divorced, his or her ex-spouse will have an ownership interest in one-half of the shares. A shareholder agreement has a provision that in the event of divorce; any shares held as community property by an ex-spouse MUST be sold back to the company.

Another circumstance where a shareholder agreement provides "control" to other share-holders is in the event of the death of a shareholder.

If there is no shareholder agreement in place, then the shares owned by the deceased would either be inherited by the person or persons designated in the shareholder's will.

Or, if there is no last will and testament, the shares may be frozen by the state in probate or in a legal case involving the decease estate.

Either way, the remaining shareholders have no control over the person or persons who eventually become Co-owners of the company with them.

A Shareholders Agreements includes a provision that each shareholder agrees that in the event of death, their executor will be bound to sell the shares back to the company.

If you hold shares in a company - it is in your best interests to insist upon a Shareholders Agreement - if you don't you are putting your investment at risk.

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