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LEVEL 7, NO.1 CHANDOS ST |
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BSS Business Legal Services: BUSINESS LAW As a business owner/manager you need to know many aspects of the law. Employment, contracts, leasing, partnership, corporations, to name a few. Ignorance of some issues can cost you dearly, even leading to bankruptcy. You need someone whose objectivity, knowledge and compassion will guide you through the laws enacted by both State and Federal Governments that affect your business. Other significant issues are - the law around the purchase and sale of the business - partnership agreements - franchises -employee share options - leases, retail and commercial, trade practices and fair trading legislation - taxation law and now GST - domain names and IT issues - maintenance agreements - equipment and software - insurance, bankruptcy & insolvency. One convenient way of looking at these issues is what is required in establishing a business and what is required to operate a business. Australian laws regarding employees are wide-ranging and strict and anyone who does not comply with them risks being sued by an employee or prosected by the authorities. We have the award system which has now been modified to allow for individual employees and staff to negotiate terms and conditions of employment. There are Australian work place agreements (AWAs), there are issues about employee entitlements, occupational health and safety issues, workers compensation, employment termination issues, summary dismissal, retrenchments, redundancies, harassment. It is a growing area of the law which is becoming more complex and requires understanding of how our system works. Who should be party to a contract? Does the contract need to be in writing? What should be included in the contract? What clauses can you not put in a contract? Unfair contracts. Broken contracts. How do you enforce a contract? Injunctions, damages - all dangerous waters for the uninformed. Failure to have a proper lease has cause many a business to fail. Rent increase clauses, make good clauses, options, additional payments for outgoings, guarantees, ratchet clauses. What is appropriate - should it be a retail lease under the Retail Tenancies Act, ratchet clauses. There is no such thing as a good or bad lease; it depends on your circumstances and what you expect and require. Partnerships have their advantages and disadvantages. Many a business has come unstuck because they fail to set out the terms of the partnership in the beginning. It's much easier to formulate the basis of the partnership when you are friendly. You need exit clauses. It is often advisable to be trading with a limited liability company. You don't want to risk all your assets - some type of businesses are more vulnerable than others. You need a shareholders agreement between you and any other "partner" in the business. You need exit strategies, agreements as to contributions of capital, agreements as to sharing of profits. A well thought through shareholders agreement or partnership agreement can save a lot of grief. What is it? How can it happen? What are the good things about bankruptcy. Administration and Liquidation. What is the difference? What are the advantages of each "path"? PURCHASE OR SALE OF A BUSINESS There are many issues you need to consider whether you are establishing a business or taking over an existing business. Is it a going concern? GST issues - proper value for plant and equipment. Securing the services of key employees. Securing proper tenure to the business premises. Assignment of contracts, assignment of leases, warranties. As a purchaser you need warranties and as a vendor you try to avoid giving them. |
Any questions? Contact us by email (lawyer@bullson.com.au), fax (9439 6756) or phone (9439 5299).
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