How to decide on business structures, selling your business (for zero tax!?) & getting legal advice, ft. Andrew Henshaw from Velocity Legal

Andrew Henshaw is a founding partner and managing director of Velocity Legal, a legal firm designed to help new and existing business owners manage all of their legal matters -- from complex tax situations, setting up your legal structure (properly!), commercial deals (buying and selling a business), and so much more. Andrew Henshaw sat down with Owen Rask on The Australian Business Podcast, Australia's leading podcast series for business owners, to talk about his business, and the lessons learned from advising hundreds of businesses throughout Australia.  SHOW NOTES Topics covered with Andrew Henshaw of Velocity: Andrew's journey starting Velocity Legal with his partners and scaling it to 30 staff When it comes to a business owner thinking about the structure of their business (sole trader, trust, company or partnership) do you have any broad rules of thumb for how people can think about these structures for legal and tax purposes? How hard is it to switch between structures as the need arises? In what circumstances, or when, might someone consider switching from a sole trader to a company structure for tax benefits? When it comes to someone choosing between a trust or a company for risk/legal reasons, how do you make a distinction? Is it possible to use both? Is it possible to protect family/personal assets from a business? Andrew Henshaw's advice for business owners looking to sell their business: From a practical perspective - steps to take From a legal and tax perspective - maximising your sale price What's one thing that separates great business owners from the rest?  This Australian Business Podcast Episode is for founders and investors in private companies. Join 2,200 students in our free business course! If you liked this episode, don’t forget to consider taking our free business course and tuning into the Australian Business Podcast episode one, in which I shared my journey. Love the Australian Business Podcast? Let me know about it by leaving a review on Apple or Spotify.  If you want to help me out with the course, right now the best thing you can do is subscribe and review this podcast in Apple or Spotify. Please use the “Ask a question” menu link on the Rask websites, or leave your questions in the Apple Reviews. Australian Business Podcast resources Owen Rask’s free business course Ask a question Ladies Finance Club Say G'day to The Australian Business Podcast partners Rumble Coffee Roasters — our first partner! Rumble Coffee Roasters is dedicated to helping you drink better coffee. Knock-out blends, world-class single origins, bold espressos and flavour-filled filter roasts. Rumble Coffee prides itself on personal relationships with producers and customers alike.  They pay farmers fairly so that they can invest in their land, their employees and their communities. You can buy some beans to drink at home or in the office via rumblecoffee.com.au. Alternatively, if you’re a coffee shop owner — get in touch and discover better ways to serve your customers. Tell them Rask sent you.  *** The information on this website and in our podcasts is general financial advice only. That means, the advice does not take into account your objectives, financial situation or needs. Because of that, you should consider if the advice is appropriate to you and your needs, before acting on the information. In addition, you should obtain and read the product disclosure statement (PDS) before making a decision to acquire a financial product. If you don’t know what your needs are, you should consult a trusted and licensed financial adviser who can provide you with personal financial product advice. Please read our Terms & Conditions and Financial Services Guide before using this website. Learn more about your ad choices. Visit megaphone.fm/adchoices