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What is a “going concern”?
When you’re selling a business as a going concern, it means you are selling everything that’s necessary for the continued operation of that business. It also means that you will continue running the business until the day of the settlement. According to the Australian Taxation Office, property that is part of a going concern sale...
Licence v franchise – what’s the difference?
Understanding Business Structures in Australia Two of the most common types of businesses in Australia are licensed businesses and a franchised business. But what’s the difference? Both models are business agreements in which certain aspects of the brand are shared in exchange for a fee. However, a franchising agreement covers a business’s entire brand and operations,...
Understanding a deed of release contract
What is a deed of release? A deed of release is a legal document formed between two parties that brings a dispute or an agreement to an end, and can in fact can be used to prevent a dispute from arising in the future. Generally speaking, a ‘release’ is a discharge of obligations. There are...
Your obligations under the new franchise laws
New changes to franchising laws Franchising laws have changed again, and if you’re a franchise business owner it’s important you’re up to the date with the latest requirements. Introduction of the franchise disclosure register The government has introduced the online Franchise Disclosure Register, which is a database of franchisors’ disclosed information, which can be accessed...
Residential contracts – what’s new for buyers
What Buyers Need to Know Australians’ obsession with the property market continues unabated. Earlier this year the Real Estate Institute of Queensland (REIQ) brought in some changes to the way contracts for sale are drawn up. As a buyer, here’s what’s new for you: Compliant smoke alarms: Smoke alarms must be installed in any domestic...
The Importance of Working With a Lawyer to Do Property Conveyancing
Whether you’re buying a commercial or residential property, you’re probably familiar with the role that real estate agents play in the process. They’re probably the most visible presence throughout the entire transaction, as they’re doing their best to convince you to purchase the property. However, what many people don’t know is the importance of residential...
Residential Contracts – What’s New for Sellers
As the property market continues to heat up, sellers are reminded there are several new obligations when it comes to residential contracts. Here’s a summary of what you need to know before completing the sale of your house or land: Compliant smoke alarms: You must install smoke alarms in any domestic dwelling. If you fail...
Company Directors – this one’s for you
The Federal Government has new legislation requiring all company directors to have a Director Identification Number (DIN) in a bid to combat the rise of fake director registrations. DINs are a unique identifier which will stay with an individual director forever, even when they cease to be a director. As a company director, you’ll need...
Foreign Investment Fees Going Up
Investing in the Australian property market from overseas has just become a little more expensive. The Federal Government has doubled foreign investment application fees, which brings a boost to the government’s coffers, but what does it mean for you? Firstly, a foreigner can only buy into the Australian property market if their purchase can strengthen...
5 Hidden Expenses To Watch for When Buying a Business
There are plenty of advantages to buying an established business. You don’t need to spend time setting up workflows, hiring staff, buying equipment, and establishing a client base. All you need to do is figure out how to make the business work. However, it’s difficult to account for everything that could happen once you’re already...
Ask These 5 Questions Before Buying a Business
Buying an existing business presents an exciting opportunity. But before you jump in, there are certain things you must consider, such as asking the right questions before you sign a contract. From small businesses to big corporations, you must decide wisely before putting it all down on paper. Here are the five questions you...
5 Questions That Businesses Need to Ask Their Lawyer
Just about every business needs to work with a lawyer to ensure that they are fully protected. Indeed, businesses rely on their lawyers for a variety of important services, from providing critical legal advice to helping with complex transactions. However, not all businesses know exactly what questions to ask their lawyer in order to get...