Molly Smith is an interior decorator and she currently runs her own business from her home. She has contacted DMA as she is seeking advice on the best structure for her business. For the last several months, her business has enjoyed significant, predominantly due to her environmentally friendly themes and unique approach to design.

With the business growth she is enjoying, she is considering restructuring from a sole trader to a company. She has had friends go through a similar situation who found it challenging knowing which way to go. They found it difficult to understand issues such as taxes, liabilities, asset protection and others.

Consider the following questions and provide responses that will assist Molly in her situation.

Question 1:

Your manager has forwarded Molly’s lead to you and asked to arrange meet with Molly and help provide the advice she is seeking.

Prior to arranging a meeting, and before you start any investigation, you think it best to clarify and confirm her expectations and objectives to ensure a mutual understanding of her goals.

Draft an email that you can send to Molly that seeks to clarify and confirm her expectations.

The email should:

Introduce who you are
Explain the purpose of the email
Confirm the details that you are aware of
Asks three to five questions that will help give you a better understanding of her expectations

Question 2:

Conduct some online research and identify specific legal and financial requirements that Molly would need to consider when establishing, structuring and financing her business.

Question 3:

While you were searching for specific requirements, Molly sent you an email advising she had decided to incorporate a company and run her business through a Pty Ltd organisation.

Having identified specific requirements Molly needs to be aware of, prepare a reply to her email, advising her of what you have identified. In the same email, draft a proposed action plan for Molly to review. This action plan will set out some of the key activities she will need to take, together with outlining who will be responsible and set an appropriate time frame.

(Please keep in mind some activities may have statutory obligations)

Question 4

Part 1 – Molly has asked you to assist her with registering the company and help understand the obligations. You will need a certain amount of information from Molly in order to complete this task. After discussing with Molly the best way to elicit the required information, she suggests that she visits with you.

Put together a schedule that will allow you to meet with Molly regularly enough, to not only assist her with registering the company, but to help her understand her corporate obligations.

Draft an email to Molly that you would send to her once the company is registered, that explains your intention to meet with her over the coming weeks and proposes the schedule you developed, outlining the dates and issues to discuss.

Part 2 – At one of your meetings with Molly, she informs you that she has moved. As she had not moved into any company office, but rather operated the company from home, this move also triggers a change in the business address.

She asks you if there is anything she needs to do, anyone to advise.

Conduct a role play with your assessor. Your assessor will act as Molly, and you will need to advise them (her) of her obligations.

The role-play should take five minutes. You should demonstrate the following

Guide Ms. Molly Smith through clear communication and advise what to do
Answer any questions that she may have
If you are unable to answer, refer her to appropriate source.

Question 5:

What actions could you take to monitor Molly’s objectives over time to allow you to identify any changes that may arise in her needs?

What actions would you take to monitor client objectives to identify changes in client needs?

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Posted on May 3, 2016Author TutorCategories Question, Questions