Buying an existing business can help you avoid the hard work and intense stress needed to establish one. There are two ways to buy a business:
Company officers are the directors and secretaries of the company. As an officer of the company, you have a number of obligations imposed under the Corporations Act. We have listed a few below.
When the Court makes an order in a family provision claim it does so by considering the ‘maintenance, education or advancement in life’ of the applicant bringing the claim. These terms have been found to mean:
Generally legal costs lie within the discretion of the Court. This means that when the Court delivers Judgment, it can stipulate who has to pay what in accordance with established principles.
It is quite common in a relationship for the people around the two parties (family, friends, business partners etc.) to contribute financially to the either the individual parties or to the relationship as a whole.
The ability of a partner to ‘bind’ the other partner(s) is extremely important if you are currently in, or are thinking about entering into a partnership agreement. This means you will be taken to have entered into contracts or legal agreements that your partner enters into. Even if you didn’t know about them! Your assets could be at the mercy of the other partner’s liability.
Franchising is a particular relationship in which the franchisor (the owner of the business providing the product or service) allows others (franchisees) the right to use the franchisor’s names, systems and processes to sell goods or services.
A company is a common form of business structure. Under law it is considered a separate legal entity, entitled to sue and be sued, enter into contracts and own property. This offers a level of legal protection not available to other business structures.
In Family Law, the Court has the power to order the transfer of property between separated parties by way of consent orders. In such circumstances, the parties may be exempted from the stamp duty which is normally required upon the transfer of property. This also applies to binding financial agreements (Read more in our article “Signed, Sealed, Delivered and Stamp Duty”).