The businesses of farmers are often conducted through the use of juristic entities such as companies, close corporations and trusts. Their personal assets such as vehicles, property and movables are often owned in their own name.
The correct structuring or re-structuring of one’s business, personal affairs and assets is an important tool to avoid inter alia adverse tax consequences, financial loss and / or inheritance dilemmas.
Through careful and precise structuring of one’s business and personal assets, you can achieve different benefits such as an increase in profitability, streamlining of business activities and improve administrative efficiency and cost effectiveness.
There are a number of complex tax, legal and commercial principles which must be considered during a re-structuring process which is why a professional must be consulted, but the advantages of a successfully concluded structuring process is priceless.