Entry of New Business Partners/Owners - CapitalQ

Entry of New Business Partners/Owners

Having business partners is difficult, don’t let anyone ever tell you differently. One might say it’s like a marriage but without the good bits after dark!

So first things first, think long and hard about why you need a new business partner. Being mates is not a good reason. Nor, arguably, is because they have ‘done the time’.

But, if there is a real synergy, then by all means.

(It is probably important at this moment to clarify a little, given my apparent negativity about business partnerships. I have seen way more business partnerships fail, or at the least cause substantial heartache for all involved, then I have seen ones that worked. That is an unfortunate reality. And the other reality is that this occurs firstly, because they joined forces for the wrong reasons, not good business reasons, and secondly because when money is involved and as the amount of money grows, everyone becomes self-interested (naturally) and this is when tension arises.

Having said that, in my new business venture in the Early Learning and Child Care space, I have gone into business with two other partners. And, thus far, it is working absolutely fantastically well. Sure we still have our disagreements, but so far we have been able to work through them in a measured approach. The reason we can do this is that we complement each other so well, and we all know each brings their very own, unique skills and experience and expertise to the table, skills the others don’t have. And we know that as a collective we are more valuable together than separated.

So business partnership can and do absolutely work! Just make sure you enter into one for the right reasons. Duncan)

Having considered our warnings you decide to proceed with the entry of a new business partner, congrats and good luck. Now how is that achieved, and how is it achieved without incurring unnecessary and substantial tax consequences nor administrative headaches.

That’s where we come in.

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What our customers say

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Relieved me of a huge burden, and now keeping my affairs in order and up to date

I came to CapitalQ having experienced substantial business difficulties with my business partner and having been the loser from an Accountant who took sides. I had substantial overdue obligations and the ATO were closing in. I was also highly fearful of my unknown tax position with substantial tax debts likely. CapitalQ went above and beyond to address all issues within my affairs, to bring me entirely up to date with the ATO, and to ensure my resulting tax bill was barely a scratch on what I had feared. They are now keeping my affairs up to date and in order and my stress levels are non-existent relative to those pre-CapitalQ times.

Kim Fewster

Fewsters Farm Honey

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