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Succession Planning: If you retire, become incapacitated or even die, who will carry on your business?
Many small business owners overlook the importance of succession planning, but it is vital if you want to preserve your hard work. Who will take over your business? Some of the more common scenarios that can arise when it comes to a business succession plan include: If you co-own your business, you may choose to […]
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Unfair Dismissal at the End of a Fixed Term Contract. What?
Fixed-term employment contracts are common in many workplaces. Understandably, most employers consider they would be protected from an unfair dismissal claim once the term ends. However, in Saeid Khayam v Navitas English Pty Ltd t/a Navitas English (‘Navitas’) [2017] FWCFB 5162 the Full Bench of the Fair Work Commission found that an employee may have […]
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Franchisors must act in good faith and reasonable cause
A franchise operates within an existing business structure that gives the franchisor discretion to implement strategies, introduce new products and set prices for the ‘branded’ goods or services. These commercial decisions however must be exercised in ‘good faith and reasonableness’. The obligation of good faith is reflected in the Franchising Code of Conduct which sets […]
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Traps to avoid in Commercial Leases
Commercial leases form part of many business transactions and commercial property is a popular investment choice. Whether you are a tenant or landlord, there is much to consider when entering into a commercial lease. Some commercial leases are classified as ‘retail’ and fall under specific legislation operating in various States. With the increase of retail […]
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Personal Liability for Company Directors
A company is an association incorporated under the Corporations Act 2001 (Cth) (the ‘Act’). The effect of incorporation gives the company a separate entity, distinct from its directors and shareholders. It can enter into contracts, sue and be sued in its own right. The Australian Investment and Securities Commission (ASIC) is the Government body authorised […]
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Business Structures: Partnership
When commencing a business venture, it is necessary to consider the most appropriate type of business structure to put in place. In Australia, there are 4 common business structures – sole trader, partnership, trust and company. Different business structures have different benefits and disadvantages. This article looks at partnerships – how to set one up […]
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Everyone is talking about ‘corporate governance’…. But what does this actually mean?
In recent times the term ‘corporate governance’, and the increasingly popular ‘good corporate governance’, appear to be regular topics of discussion both in the media and the general population. These terms are routinely used when considering the actions of a wide range of companies from very small local companies through to global giants such as […]
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Business Structures: Sole Trader
When commencing a business venture, it is necessary to consider the most appropriate type of business structure to put in place. Different business structures have different benefits and disadvantages. This article looks at the sole trader business structure – how to set up as one and the pros and cons of this structure. Key Features […]
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Directors’ Responsibilities – a Guide
A company is an association incorporated under the Corporations Act 2001 (Cth) (the ‘Act’). The effect of incorporation gives the company a separate entity, distinct from its directors and shareholders. It can enter into contracts, sue and be sued in its individual right. The Australian Investment and Securities Commission (ASIC) is the Government body authorised […]
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Attention to Detail – Defects in Statutory Demands
A statutory demand is a useful way to exert pressure on a company to force it to pay its debts. However, a creditor using a statutory demand to quickly recover a debt can run into trouble if the legal requirements regarding the form and wording of the statutory demand are not complied with. Defects in […]
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