Fishing partnership develop strategy to mitigate tax liabilities
Our Client
A profitable fishing partnership, with individual and corporate partners, who wished to consider their business structure and options to mitigate tax liabilities
Our Approach
- Reviewed current business structure and considering whether incorporation from a partnership to a limited company was an option; outlining the potential benefits of incorporating the partnership business including analysis of tax savings together with other non-tax considerations
- Prepared a Project Plan for implementation of business transfer, which included AAB acting as project leads
- Provided accounting and tax support throughout implementation to ensure all client objectives met
- Liaised with the client, legal advisors and bankers
- Assisting with on-going compliance matters following business transfer.
The Outcome
- AAB provided the client with a business structure that meets their needs for future growth plans and objectives
- By detailing the main considerations of an incorporation at the outset of our discussions, as well as the impact this would have on our client’s business, this gave our client reassurance that an incorporation was the right course of action for them and ensured no unexpected surprises arose during the process.
- Reduced overall tax costs and liabilities of the business and associated partners
- By acting as project leads for implementation and taking overall responsibility for the process, this allowed management to focus on day-to-day operations
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