Your small business accountant set you up in a company and in recent years things have been pretty tough business wise so much so that the company has incurred significant losses. Your business partner who feels the business cannot afford 2 owners and who owns the other 50%, has asked you to buy them out. Details are worked out and you figure that by making a new start, this will be a wonderful catalyst for change where the business revisits how it can become profitable and recoup the $500,000 in losses.
Figure 1: "I'm not cranky I can't carry forward those losses. I'm catatonic!" Scolari Comerford Chartered Accountants Sydney Dubbo.