The Perfect Contract
A perfect contract clearly sets out what the parties have agreed upon and seeks to reduce the likelihood of a dispute and, if one arises, seeks to minimise the impact of that dispute. Ideally, the perfect contract will be put in a drawer and never be looked at again because the parties know exactly what they have agreed upon and honour that agreement so that the written contract is not needed. Unfortunately, this is not an ideal world and often the written contract will be needed to ensure that one or more parties keep the promises made.
When a dispute does arise, a clear and easily understood document can assist you in that very often it will have anticipated the issues in dispute, helping you avoid the need for a court of law to be involved at all. We can assist in this regard.
Furthermore, we can provide legal advice to you in relation to almost any type of contract. We are well experienced in drafting contracts for various commercial or personal purposes and otherwise reviewing contracts for those who have been given an agreement drafted by someone else.
Having a contract reviewed by a lawyer before signing on the dotted line is essential to minimize the possibility of headaches, sometimes very costly ones, down the track.
If you are looking to start a business, or are thinking about restructuring your existing business, we recommend always seeking professional legal advice before deciding on a business structure. There are a number of important factors to consider and many of these can lead to complications in the future if they are overlooked.
When you are entering into a new business venture, getting the vehicle right is critical in terms of asset protection. Your accountant will also likely advise you as to the potential tax advantages as well.
How do I choose the right Business Structure?
- What is a Sole Trader?
- What is a Partnership?
- What is a Company?
- What is a Trust?
- Do you control your business?
PCL Lawyers has the answers to all of these questions and many more.
When considering business structures, it is not a case of “one size fits all”.
We will provide sound, down to earth legal advice for your situation.
What is a Partnership?
A partnership is formal when two or more pepole(partners) enter into business together with a vision to make profit. Both(or all of the) partners share the responsibilities, benefits, and risks involved in running the business.
If you engage in a partnership you will typically need to register a business name. Partnerships are best governed a Deed that states clearly the obligations and rights of each partner. This document is governed by the Partnership Act. For this reason, and many others, people looking to engage in a partnership often seek legal advice.
Partnerships can be formed using verbal agreements, which usually occur when friends enter into partnerships with each other, however in these cases the law assumes everything is shared equally, from profits to losses. As a result, when complications arise, it can be difficult for the partners to come to an agreement and maintain their relationship. Therefore, we recommend always seeking legal advice before entering into a partnership to avoid any disputes in the future.
What Legal Documentation is Required?
A business partnership should have a carefully drafted agreements which addresses the rights and responsibilities of the parties. This process should be viewed as a useful exercise for all parties because it eliminates uncertainty and really secures what each of your roles will be in growing your business successfully. It also forces the parties to carefully think through important issues which can help prevent disappointment later.
PCL Lawyers know no two businesses are built the same, that is why you will always find focused, tailored advice that is just right for your business goals.
Call us now on 1300 907 335 or fill out the contact form on this page.
The focus of a shareholder agreement is usually on what each shareholder will bring to the relationship and the way the new entity will be managed and report its results.
Shareholder agreements are generally entered into by shareholders of private companies. These agreements are best carefully drafted by an experienced law firm to ensure they cover core issues relating to the issue of new shares and the rights and obligations that must be complied with in any sale of shares. A valuation clause is often included, for example. For obvious reasons, knowing how to set the exit price if a shareholder chooses to exit is also a very important commercial issue for all concerned parties.
A shareholder agreement will define the rights and obligations of the parties. Issues which might be addressed are the day to day running of the business, management, role of shareholders, how to handle disputes between shareholders and how profit is to be distributed, to name but a few.
We also provide legal advice in relation to alteration of shareholder agreements and shareholder disputes (including Shareholder Litigation).
We are experienced in drafting shareholder agreements, giving special attention to individual circumstances so you will receive a competently drafted and well presented agreement.
What are Terms of Trade?
Terms of Trade are the terms and conditions on which your business buys goods and services from your suppliers and sells goods and services to your customers. These terms are the basis on which your business trades. Generally, if you do not take the initiative and set the terms on which your business trades, you will be stuck with the terms set by the person you are doing business with (which are likely to protect the interests of their business, not yours).
These terms, being largely legal jargon, are usually only thought about when there is a problem with supply of the product or service or if the customer is not paying. Hence they need to be right – and as watertight as possible – from the start.
In business, it is particularly important to have the right advice on hand before agreeing on the Terms of Trade or you and your organisation could face significant and far-reaching consequences.
Following the introduction of the Personal Property Securities Act, every business’ terms of trade should be comprehensively reviewed so as to ensure that your rights as a seller are properly protected. For instance, the old “right of retention” has lost its punch. Without PPSA registration you could be left with a powerless clause. This is just one thing we will consider while drafting terms of trade.
No business is to small or too big to benefit from secure Terms of Trade
For legal assistance with preparing terms of trade for your business or for advice on how to protect your business, call us now on 1300 907 335 or please fill out the contact form on this page and we will be right back to you.
