Business and Commercial Law
Purchase and sale of businesses
Whether you plan to go into business for the first time or you’ve been there before, the chances are that you will need sound legal advice. There are many solicitors who you can choose to assist you. The the right choice is one with not only a law degree, but also with years of hands-on business experience. At Prime Lawyers we have such professionals who have the foresight to pre-empt many of the challenges you will no doubt face.
We can (and often do) work closely with you and your accountant to determine the correct business structure for you, undertake thorough due diligence, analyse the GST considerations and negotiate favorable contract and lease terms. We do so in a timely and thorough manner. So if you are buying or selling a business, you can rely on the wealth of experience of the team at Prime Lawyers.
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Simple is often best
Many small business operators choose the sole trader structure as their preferred choice of business vehicle. Legal and taxation compliance issues are often simpler, annual compliance, accounting and audit fees are usually less and initial set-up is a breeze. It’s usually only when the big tax bills start to hit that successful sole traders sometimes regret their initial choice. Or when the business is doing so well that you can’t cope alone and choose to call in a “partner”. Swapping-over to a new entity such as a partnership, company or trust may seem easy and harmless enough, but be wary of the Capital Gains Tax and stamp duty stings that might follow.
Partnerships
Many small businesses operate as partnerships. Some do and some don’t have formal partnership agreements in place. The common law and the Partnership Act offer a basic regime for partnerships, but with a formal Partnership Agreement you get the added advantages of being able to regulate termination issues, notice periods, sale of partnership shares, holidays and business succession. Prime Lawyers have had years of experience assisting clients with structuring the right Partnership Agreement for their businesses and we would be pleased to assist with yours too.
Family, discretionary and unit trusts
A trust structure is often a wise way of doing business. A trust can take an important place in the proper planning of a business structure and in protecting your valuable assets. There are different features of different types of trust. You need the proper legal and financial advice to select the right trust vehicle for your purposes, which we can certainly help you with.
Corporate Structures
A limited liability company is a common and sensible business structure for many types of business. A company is a separate “legal person”, it can sue and be sued in its own name and it can hold assets or borrow money in its name.
As with trusts, there are usually greater legal and taxation compliance issues to consider and therefore greater set-up costs and ongoing annual fees. However, those apparent disadvantages may often be offset by the tax and asset protection features that these structures offer. Trusts are typically headed up by a company known as a corporate trustee.
Prime Lawyers would be glad to assist in the detailed analysis of your business and legal affairs to help formulate and establish the correct business structure for your needs. That is what we have done for several years now, for many successful and satisfied clients.
Joint ventures
Joint ventures are sometimes a relatively simple way of combining various business parties in a common enterprise. Such a business enterprise may well be a “one-off” transaction such as a land redevelopment, but the rights and duties that flow-on from such ventures need to be carefully and expertly examined, and then documented.
Prime Lawyers have worked with “syndicates” of builders and developers and even land-owners in a number of successful joint venture arrangements in the past. We have the experience and know-how to assist in a whole range of different joint venture arrangements.
Moving Foward
Our know-how and expertise don't end there. In the business arena, Prime Lawyers are your advocates and your legal negotiators. Our experience and foresight lends itself to assisting you with tasks as diverse- yet important- as creating business plans; carrying out due diligence tests; finance submissions; negotiating and advising upon a host of legal documents/agreements, such as:
Sale of business agreements;
Contracts for Sale of Land;
Contracts for Sale of Chattels;
Employment agreements;
Retail and Commercial Leases;
Franchise Agreements;
Equipment Leases; and
Hire Purchase agreements.
We can also assist with other important legal advisory and compliance issues such as advice upon superannuation obligations; payroll; industrial/workplace relations and occupational health and safety matters.
If you are starting out and can’t afford a detailed written advice on each of these areas, our experience and foresight tells us to at least point out to you these areas of consideration. Often in the haste of establishing or acquiring your new business venture you miss things. We can potentially save you a lot of grief and a lot of money by pointing your mind in the right direction.
Please contact us on (02) 9521 2222 to speak with a business & commercial lawyer today. You can also send through your enquiry online now and we will contact you shortly.