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Business and Commercial
Have you considered what you would do in the event of:
• significant growth in your business. Is your present business structure appropriate?
• the unplanned departure, due to death, ill health or bankruptcy, of yourself or your business partner. Look at what is required to protect your business.
• the planned departure, eg. Due to retirement, of yourself or your business partner. Look at what you need to consider to protect your business.
• not being able to recover a large outstanding debtor's account. Look at our debt recovery service.
• the sale or purchase of your business.
Have you worked this hard for so long to lose all that you now have through your failure to act now?
Cash Flow Control
Nothing is more critical to a business success than effective cash flow.
This may occur by coincidence, however, it is better based on good management practices.
We can help you by reviewing all of your documentation to ensure, for example, that ownership of goods supplied by your business remains yours until paid for.
Action at this stage encourages earlier cash flow and avoids delay and expense (in time, financial and emotional to you and loss of goodwill to your business) of formal debt recovery.
Sale or Purchase
Sellers are trying to be paid in full with minimum taxation costs. Buyers want to get at least what they paid for, with minimum taxation costs.
We can help on the following:
• Appropriate ways in which to buy the business, considering your requirements of control, tax minimisation, asset protection and ongoing business costs.
• Retail Shop Leases Act obligations and rights.
• Drafting of contracts to meet your needs regarding:
• any warranties (Trade Practices Act and Fair Trading Act),
• accuracy of financial records of the business,
• disclosure obligations,
• apportionments of price,
• dispute resolution provisions,
• obligations to landlords,
• clarifying who pays any GST,
• and financiers etc.
• Searches to ensure you know if you are buying a problem.
• Apportioning business expenses, to ensure that each party pays their fair share of rent, rates etc.
All for the purpose of ensuring that there is no dispute, or litigation arising from the negotiations between the buyer and seller.
Protect your business
Here is some information about being prepared for the unplanned departure, of yourself or your business partner, from your business.
To be prepared you need to have a comprehensive plan in place. With reference to your legal representative, accountant and insurance advisor, you need to consider the following points when planning for an event of this nature.
• Can your business continue to run if a key person departs?
• Are the assets, revenue and ownership of the business protected?
• What are the taxation implications with respect to income, capital gains, GST, stamp duty and other taxes, should your plan be implemented by the occurrence of an unplanned departure?
• What insurance cover will you need and to what level of cover? Does the insurance policy give you the protection that the agent told you it does?
• Who will ensure the plan is carried out on the occurrence of the event?
• Are the personal estate planning needs of each business partner attended to?
We all have our home insured against fire. Does anyone know personally of a person's house being destroyed by fire? Does anyone know personally of a business failure? Why not insure against that failure? Think about that for a minute.
Debt Recovery
Some people have been frightened by experts, and simply won't pay you for your goods/services until they have no choice.
We can assist you with:
• Establishing an appropriate debt recovery procedure for your business.
• Acting for you from letter of demand to commencing proceedings in Supreme, District or Magistrates Courts, conducting trials, obtaining judgments and, if necessary, proceeding to bankruptcy of the business debtor.
• Documentation to confirm your debtor both acknowledges the debt and secures repayments promised to you.
Leases
There is important information you should know before signing any business property lease or lease renewal option. Business leases are a major undertaking and are integral in planning for a successful business. We can assist you in this process by:
• ensuring that sure you are fully aware of the commitment you are undertaking
• protecting your rights and interests
• advising on Terms and Conditions
• handling any negotiating
• preparing Lease documentation
• registering the Lease.
Franchising
When assessing the opportunity to invest in a franchise, it is essential to make sure that the franchise documents are in accordance with the regulations detailed in the Franchising Code of Conduct. This covers all of the issues such as the franchise agreement, the disclosure document, lease requirements, marketing guidelines, franchise territory, supplies, franchisor and franchisee obligations and termination of the franchise agreement. Your investment into a franchise can represent a large financial outlay, so you should ensure that adequate steps are taken to obtain independent professional advice about the proposal and about the franchisor and the product or service. We can assist you by:
• advising you on the proposal terms and conditions
• preparing a Certification of Advice |
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Contact Us
Speak to a Solicitor now:
Phone
07 4923 5400
Fax
07 4926 1835
Email
admin@colinfleming.com.au
Address
QTV House.
1 Aquatic Place
North Rockhampton QLD 4701
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