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Hints when Buying A Business

So you have found a business and you have your heart set on buying it. Or maybe you work for a business that looks like it is being sold. Congratulations, that’s great news! However, before you rush off to hand over the purchase price or gre...

Understanding Cyber Law

Cyber Law is an umbrella term used to describe the range of regulatory responses aimed at preventing the use of the internet, or cyber space, for criminal purposes. Many people think that cyber crime is no big deal – that it is o...

Risks in referring to unattached documents

It is not unheard of for parties to an agreement to refer, in the agreement itself, to additional documents. These additional documents are sometimes, although regrettably, not always annexed or attached to the actual agreement. In adopting this c...

Why have a Corporate trustee for your SMSF

A Self-Managed Superannuation Fund (SMSF) is a type of superannuation structure that allows members to control and manage their own funds. Unlike other superannuation funds, members have autonomy over the choice of investments they can make. A SMS...

Anti-Phoenixing Laws

Important Updates for Directors Company directors should note new laws increasing their exposure to personal liability for certain debts and creating new criminal offences and civil penalties under the Corporations Act 2001 (Cth). As the title su...

What to do if you cannot find your trust deed

Losing a trust deed is not something anyone plans to do. Not only is a lost trust deed inconvenient it can also have serious consequences. Even if the trust is able to continue operating, without having the trust deed to reference it may be very d...

Does Your Business have a Will?

Most people recognise the importance of having a Will to determine how their estate is distributed when they die. If you are self-employed, a partner or co-director, having a ‘Will’ or succession plan for your business is equally impor...

Employee entitlements when a business is sold?

There is much to consider when buying or selling a business - including what happens to the employees of the enterprise once it is sold? The sale of a business can be a curious time for existing employees and the incoming business owner &ndash...

Updates for financially distressed businesses

Important updates for financially distressed businesses This material is general in nature and incorporates information regarding proposed or pending legislative changes to address the potential economic and other impacts of the Coronavirus (C...

Contractual obligations in the wake of COVID-19

The coronavirus (COVID-19) presents numerous challenges for individuals and businesses, amongst them, the legal rights and responsibilities under existing contracts during a pandemic such as this. Parties to a contract that are facing difficul...

Implementation of mandatory Code of Conduct

For the ‘good faith leasing principles’ contained in the mandatory Code of Conduct to be effective, they need to be implemented by the various States and Territories, via legislation and regulation. But there is no guarantee that t...

Directors’ responsibilities – a guide

A company is an entity incorporated under the Corporations Act 2001 (Cth) (the ‘Act’). Incorporation makes the company a separate entity, distinct from its directors and shareholders, which can enter into contracts, hold property and ...

What is ‘corporate governance’

But what does this actually mean? In recent times the term ‘corporate governance’, and the increasingly popular ‘good corporate governance’, appear to be regular topics of discussion both in the media and the general po...

Personal guarantees of leases

If you are a director of a company entering into a commercial or retail lease, the landlord will require you to give a personal guarantee of the company’s obligations under the lease. In such cases, directors should fully comprehend the ext...

Minimising directors’ liability

Company directors have many responsibilities when carrying out their duties. Generally, company directors and officers are not personally liable for a company’s debts. However, certain circumstances can arise where directors may find the...

Business Structures Sole Trader

When commencing a business venture, it is essential to consider the most appropriate type of business structure to utilise. Different business structures have different benefits and disadvantages. This article looks at the sole trader business st...

A Franchise Agreement explained

Since the early 1970’s buying and operating a franchise business has become an increasingly popular way for many Australians to own and operate their own business. Initially franchising in Australia often involved a foreign parent company o...

Exercise of option to renew a commercial lease

Why it's important to get it right! Failure to correctly exercise an option to renew in a lease can have costly and detrimental effects for both landlords and tenants. An option to renew in a lease is a tenant's right to require the...

Company directors and business opportunities

A director’s position in a company is one of power and trust. As a consequence, a director has a duty to act in good faith and in the best interests of the company. A director’s obligations are regulated by statute under the Corpor...

Termination by Electronic Media

The rise in the use of technology means the way we can communicate with each other in our personal and working lives has expanded, almost beyond belief. The ways in which termination of employment can occur have also expanded, but is it lawful...

Parental leave – can I return to part time work?

Under the Fair Work Act 2009 (the Act), employees have a statutory entitlement to return to work and to their previous position after taking a period of parental leave. If the employee’s previous position no longer exists, the employee i...

Privacy Act Update

Introduction of mandatory notifiable data breaches The Privacy Amendment (Notifiable Data Breaches) Act 2017 (Cth) introduced a Notifiable Data Breaches scheme in Australia which commenced on 22 February 2018. The reforms aim to strengthen ...

Commercial leases

A commercial lease is a legally binding contract that gives a tenant certain rights over a property for a set period of time subject to the terms and conditions set out in the lease. A commercial lease is used when leasing property used primarily...

A restraint of trade must be fair

Globalisation and technology has contributed to increased market competition and businesses are more determined than ever to protect their goodwill, trade secrets and customer connections. Including restraint of trade clauses in employment contra...

Law change - Body Corporate debts

Some time ago we wrote an article relevant to the operation of bodies corporate, regarding recovery of contributions by lot owners. In BC for Mount Saint John Industrial Park CTS v Superior Stairs & Joinery Pty Ltd [2017] QDC 245 the ...

Purchasing a commercial property-due diligence

Purchasing a commercial property can be a significant financial investment for a buyer. In order to protect his or her potential investment, a buyer should take steps to investigate the risks of acquiring a commercial property and how to reduce t...

Why your company needs a Shareholders Agreement

Starting a business requires careful planning and consideration. Failure to allow for unforeseen events or to provide a mechanism for resolution of future disagreements could put your new venture at considerable risk. The repercussions of fail...

Transfer of Body Corporate Management Rights

The devil is in the detail when it comes to body corporate management rights agreements, and it is essential that all parties carefully consider the terms of the specific agreements. Such agreements usually include contracts for the provision ...

Business structures - Partnership

When commencing a business venture, it is important to consider the most appropriate type of business structure to put in place. In Australia, there are 4 common business structures – sole trader, partnership, trust and company. Differen...

Retirement village - what to consider

A retirement village is a community-style residential development offering accommodation, facilities and services to people from retirement age onwards. There are many types of arrangements which should be carefully explored before making your...

Time to review your credit card charges

Under the Competition and Consumer Act 2010 (Cth) businesses may be fined for excessive credit and debit card payment surcharges. A payment surcharge is defined as: an amount charged, in addition to the price of goods or services, for pr...

Buying a commercial property

Buying a commercial property is an important decision, with significant financial consequences. If you are considering buying a commercial property, it is vital that proper investigations of the property are carried out, so that you can make an i...

A guide to buying commercial premises

Buying commercial property (such as a warehouse, office building or retail space) is more complicated than buying residential property. There may be complex contract terms, detailed planning information and additional legal and commercial impl...

Recent changes to PPS leases

The Australian Government passed the Personal Property Securities Amendment (PPS Leases) Act 2017 on 20 May 2017. The date is important and has many repercussions. What leases are affected by the changes? Any leases or bailments entered ...

Recent changes to body corporate contributions

The Queensland District Court has decided a body corporate has only 2 years and 2 months to start legal recovery proceedings for outstanding body corporate contributions, or the process will be prohibited by statute. Section 145 of the Body Co...

Business structures - Trust

When commencing a business venture, it is vital that you consider the most appropriate type of business structure to put in place. Different business structures have different benefits and disadvantages. This article looks at trusts - how to set ...

Why do I need an Agreement to Lease?

When renting business related property it is important for both landlords and tenants to understand the relationship they are entering into and, their respective rights and obligations. The document that governs this relationship is usually calle...

RSLA - changes to exercise of options

Exercise of option by lessee If a lessee has an option to renew a lease for a further term, it is vital that the lessee diarise the date by which it must exercise the option, and exercise its option strictly in accordance with the procedure sp...

PPSR - important steps

The Personal Property Securities Register (PPSR) is a national, electronic register of security interests in personal property that was established on 30 January 2012. What does the PPSR cover? The PPSR covers all types of personal property...

Companies - how to set one up

When commencing a business venture, it is important to consider the most appropriate type of business structure to put in place. Different business structures have different benefits and disadvantages. This article looks at companies - how to set...

Copyright - 10 Frequently Asked Questions

If you are an artist, writer or business owner concerned about protecting copyright in your work, the answers to these frequently asked questions will provide you with some guidance as to how copyright law operates in Australia. 1. &...

A Guide to Shareholder Agreements

A company constitution is usually drafted in a standard format which is not tailored to the particular circumstances of a business or venture, and does not provide protection for shareholders in the event of a dispute between them, or where issue...

Changes to Retail Shop Leases Act

- Good for tenants, not so good for landlords On 13/10/2015 a bill amending the Retail Shop Leases Act 1994 (‘the RSLA’) was introduced into the Queensland Parliament, as part a regular statutory review of the Act. The amending ...

Extension of the unfair contracts regime

The Federal Government has enacted legislation extending the unfair contract term protections of the Competition and Consumer Act 2010 and the Australian Securities and Investments Commission Act 2001 to the small business sector. Under the new ...

How effective are your Post Employment Restraints?

Much damage can be done to a business if an executive or senior manager resigns taking valuable customer information and confidential information. Restraint of trade clauses, or post-employment restraints, play a crucial role in protecting ...

Law Changes for Retail Shop Leases

Landlords, tenants and managing agents need to be aware of new provisions under the revised Retail Shop Leases Act 1994 (‘the Act’). The Retail Shop Leases Amendment Act 2015, taking effect on 25 November 2016, triggers new conside...

Understanding commercial (and retail shop) leases

When renting business related property it is vital for both landlords and tenants to understand the agreement they are entering into, and their respective rights and obligations. A lease is a legally binding contract that gives you certain rights...

Choosing a business structure

There are 4 main types of business structures used in conducting business in Australia, each with their own advantages and disadvantages - a sole trader, a partnership, a company or a trust. The choice of business structure is an important dec...

Franchising advice

People buying into a franchise are often fulfilling a dream to be their own boss. Franchising can seem like an easy way to get into business however there are things that require careful consideration. ...