Legal Tips

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  • have all personal assets held by an entity not exposed to business risks.
  • have these assets held in a separate entity(ies) and grant a licence to your operating entity to use them.
  • ensure that your Directors & Shareholders loans to the business are secured by a debenture charge over the business, thus becoming secured creditors.
  • ensure you are aware of all of your obligations under business agreements, and if in doubt seek immediate advice from your Lawyer and/or accountant
  • have all your Partnership Agreements; Shareholder or Unitholders Agreement in writing prepared by lawyers. If it is not written it is not done.
  • have a business Succession Plan between business partners in place including financing of retirement, death or disability
  • review your Will regularly to meet your changing circumstances.
  • register all intellectual property rights including trademarks, designs and patents.
  • quarantine your family assets from your business assets in the event of worst case scenarios.
  • have your lawyer and other service providers complete a due diligence on the business you propose to acquire.
  • check that all suppliers are tied to the business & that the vendor isn’t in breach of trading terms
  • arrange for all key personnel of the business, whom you are retaining, to be contractually tied to the business.
  • research the business and be aware of all risks and stresses involved, not just financial risks.
  • ensure you have full family support, and that they are aware of the benefits, risks & stresses.
  • ensure you have structured your purchase to minimise the risk to your personal assets
  • ensure new employees commence with a probationary period of up to 3 months.
  • ensure all employees sign an employment agreement setting out the terms and conditions of their employment
  • periodically review each employee’s work performance.
  • have your sexual harassment and discrimination policies displayed in a prominent position.
  • ensure that your employees are qualified to perform the tasks asked of them.
  • consider a cohabitation or financial agreement before entering into a marriage or defacto relationship if you have substantial assets in your name.
  • make sure you have access to some cash in your own name for emergencies.
  • consider changing your locks.
  • get competent advice before you sign anything or agree to anything
  • make sure any agreement you reach after a separation about financial settlement or payment of child support is done legally.
  • make a new Will after a separation and review the nominated beneficiaries of any superannuation policies in your name.

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