EPP3 Business Succession Planning
Proper structuring from the outset when establishing a business is key from a commercial, taxation and estate and succession planning perspective. This subject covers a range of structuring issues which lawyers should have regard to when advising on the implementation of an Australian business structure, lifetime restructure as well as succession planning on retirement, death or disability. The subject focuses on these issues as they relate to Australian family businesses and Australian small and medium-sized enterprises.
This subject will cover the different types of structures commonly used in Australia (including trusts and companies), issues relating to family farming businesses, transition of wealth during one’s lifetime, buy/sell insurance mechanisms in agreements and estate planning and transition of control on death or incapacity. The subject also touches on taxation and asset protection relevant to business structuring and succession planning.
Whilst EPP3 Business Succession Planning is a subject within the Estate Planning major, it is also relevant for lawyers practising in other areas including corporate and commercial law, wills and estates, property and family law. It will equip students with the necessary understanding to advise on and implement an effective succession plan for family business owners in Australia.
At the end of this subject you will be able to:
- understand the different types of business and investment structures
- understand the different laws and rules that apply to each of the structures
- be aware of the general taxation implications of each structure
- understand the succession planning implications of interests in each structure
- apply knowledge and understanding of business structures to succession planning objectives in legal practice including drafting the necessary documentation to achieve a client's succession planning objectives
- investigate, analyse and synthesise complex information, problems, concepts and theories in relation to business succession planning, and
- use cognitive and technical skills to generate and evaluate complex ideas and concepts relevant to business succession planning including devising succession planning strategy appropriate for a client based on their circumstances and objectives
- demonstrate an integrated understanding of the subject
- explain the subject to specialised and non-specialised audiences
- apply your understanding to critically analyse, evaluate, and improve your own professional practice, and
- identify opportunities to develop your expertise, autonomy, adaptability and specialised knowledge and skills for professional practice and learning.
IN STEP WITH STEP
The College of Law is an Accredited Education Partner of STEP, the worldwide professional association for practitioners dealing with family inheritance and succession planning. STEP has over 20,000 members across more than 80 countries from a broad range of professional backgrounds.
One subject in either the Wills & Estates major or Estate Planning major, gives you 30 Diploma Level credits towards STEP membership. If you wish to proceed to Full STEP Membership, with use of post-nominal TEP, you must have a minimum of two years’ relevant experience and successfully complete 120 Diploma Level credits, including the successful completion of any two subjects from the following list:
- WEP1 Foundations of Wills & Estates Practice;
- WEP2 Law and Practice of Estates;
- EPP1 Foundations of Estate Planning;
- EPP2 Superannuation.
How to enrol
1. Download and read the Program Manual (PDF).
This document contains all the terms and conditions relating to your enrolment at The College of Law.
2. Decide on your program and initial subject/s
3. Enrol online