Legal Tips

Name: Eales & Mackenzie Lawyers
Brand: Eales & Mackenzie Lawyers
Rating: 5 (7 reviews)

Business Risks

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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