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Maximizing Benefits: Legal & Practical Considerations in Incorporating Patent Attorney Practices

Explore the benefits and complexities of incorporating patent attorney practices, covering legal obligations, financial advantages, asset protection, flexibility, and potential drawbacks. Learn about recent trends, tax implications, asset protection strategies, and the importance of understanding the incorporation process thoroughly.

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Maximizing Benefits: Legal & Practical Considerations in Incorporating Patent Attorney Practices

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  1. Legal and Practical Issues to Consider in Incorporating Patent Attorney Practices Mark Vincent Partner

  2. Introduction • overview of issues to set the scene for further speakers • why bother incorporating? • what are the costs and other issues to consider?

  3. Introduction (contd) The legal practice story since the Legal Profession (Incorporated Legal Practices) Act 2000 (NSW). • 733 of 4247 NSW firms had incorporated, or were in the process of incorporating at 30 June 2007 • recent high profile public companies (Slater and Gordon and Integrated Legal Holdings) • duties to court, professional duties to clients and duties to shareholders • professional standards issues for lawyers • cost/benefit analysis

  4. Why bother? Show Me The Money!

  5. Why bother? AShow me the money! • pay less tax • take home more money • reduced availability of other means of income streaming

  6. Why bother? Protect Your Assets

  7. Why bother? B Protect Your Assets • the “corporate veil”, insolvent company, creditors can’t pursue shareholders • directors have significant exposure (but less than partners, at least to most creditors) • revenue can be made more secure in the hands of family trusts • don’t take on unlimited liability for your partners’ problems

  8. Why bother? Flexibility

  9. Why bother? C Flexibility • no need for service trust, administrative simplicity • non attorney shareholders and directors • staff retention, share options • succession can be easier than with a partnership which dissolves and reforms with each partnership change • retention of working capital • when you are out of a company, you are out, liabilities of a partnership can have a long reach.

  10. Why not? Make sure you know what you are getting yourself into.

  11. Why not? • costs, legal accounting, other • audit for large private companies (more than 50 staff and $10 million in turnover) • payroll tax • compulsory super • capital gains tax • stamp duty • what are actual quantifiable benefits?

  12. Options

  13. Checklist Depends on individual circumstances. List is not exhaustive.

  14. ConclusionsFramework to keep in mind as the detail unfolds with further speakers Questions?

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