Business law involves a wide range of matters, from buying and selling businesses, to choosing the right business structure, and debt collection and litigation.

Buying or Selling a Business?

Buying or selling a business can be exciting, as it signifies a major life change. However, there are a lot of things to think about during the process. In addition to the sale of business agreement, there may also be leases and employment contracts to review and GST to be considered. To ensure your interests are looked after, regardless of whether you are buying or selling, speaking with an experienced lawyer can set you up to start or end your business right.

Corporate Structure and Governance

When you are setting up a business, you will need to choose a business structure to operate the business. There are some benefits to running your business through a company because it can provide some protection for the company directors due to limited liability. However, directors also have duties, which they are required by law to comply with. Those duties include:

• to run the company with care, skill and diligence;
• to prevent insolvent trading (allowing the company to operate when it is no longer able to meet its debts);
• to act in good faith and in the best interests of the company;
• maintaining proper records and preparing financial reports;
• to not improperly use their position for personal gain.

If you are thinking of setting up a company to run your business, the corporate structure and the rules around governance should be drafted to promote your business objectives.

Bankruptcy and Debt Collection

Bankruptcy occurs when a person is unable to pay their debts when they are due. Where this occurs with a company, it is called insolvency. As there is personal liability that attaches to a director of a company for allowing a company to continue operating if it is insolvent, it is important to seek advice on how to manage the situation as soon as you are concerned that this may be the case.

Debt collection is an unfortunate reality of running a business. How to approach seeking outstanding debts can depend on the size of the debt and who owes the money. For example, if a company owes you money, you may wish to issue a statutory demand, which has wide implications for the company. Alternatively, you may want to enter a payment plan or commence proceedings in the Magistrates Court. 

Commercial Litigation

Unfortunately, even with all the planning ahead and documenting of agreements, you may end up in court. If you are unable to resolve a matter without litigating, whether you are bringing a claim or defending one, getting competent legal advice is essential to securing a good outcome.

We are experienced business lawyers and can help with a range of commercial matters, including:

• Buying and selling a business / business structure
• Partnership and joint venture agreements
• Commercial lease agreements
• Estate and succession planning
• Advice for non-profit organisations and charities
• Commercial dispute resolution
• Corporate and commercial litigation in Court