What is the process for selling a business?
Building a business can be an incredibly rewarding process, but often it will reach a point where individuals cannot continue to own and operate their company. In this situation, many business owners will either implement a succession plan to hand the business over to another individual, or will sell the business.
For those who choose the latter, it can be a difficult process navigating the different requirements that come with this process. To help, here are three of the main steps that go into selling a business.
How can a case of partial intestacy occur?
When an individual dies intestate – meaning they did not have a will in place at the time of death – it can create a real challenge for relatives and easily lead to an estate dispute. While the most common reason for a person to die intestate is because they haven’t taken the time to draft a will, there are a number of other times when a person can be declared to have died intestate.
2014 a strong year for housing growth
Housing in Australia has remained strong in 2014, with Queensland leading the way in new property construction according to recent statistics from the Housing Institute of Australia (HIA).
The organisation’s most recent predictions have outlined the growth in housing that the country is expecting to see for the whole year. In Queensland, new home commencements are set to rise 13.9 per cent this year, compounding with the 13.4 per cent that was recorded in 2013.
New rules for motorcycles in Queensland
Queensland’s suite of traffic legislation has been revised in recent months, with motorcyclists soon to see new laws affecting the way they can move through traffic. The changes relate to the ability of motorcyclists to navigate other road users, particularly when the surrounding vehicles are moving slowly.
Among the main changes are that motorcyclists can now use the shoulder of the road in the event that traffic is currently travelling less than 30 km/h and the speed limit is over 90 km/h.
Fabricated testimonials lead to legal action
Building a reputation for a product or service will often rely on the word-of-mouth of past customers, both at an informal level and through testimonials that small businesses record.
While these testimonials are a valuable way to demonstrate the success of a product, they can also lead to legal action, as was demonstrated earlier this year for a Queensland business.
The action related to an online automotive warranty company that was found to have been copying and pasting testimonials from a competitor’s website. The company was fined $4,000 for publishing these testimonials as if they were sourced from its own clients.
Property sales hit 10 year high
Property sales in Queensland are reaching new heights, with the state recording its best results in 10 years, according to figures from the Real Estate Institute of Queensland (REIQ).
The organisation’s most recent figures reveal that 2014 has seen consistent strong growth in the real estate sector, especially in cities like Brisbane. In fact, the state’s capital has registered its highest sales rate in a decade, while other centres have also recorded a strong improvement in recent months.
4 different ways to legally construct a company
If you’re looking to establish a business, there are a number of different legal issues that need to be considered. Along with choosing a company name and finding a premise, selecting a business structure is an important decision to make.
At the same time, finding the right business structure for your needs is dependent on a number of different considerations. To help, here are four of the ways you can structure your organisation:
When can a commercial contract be terminated?
Every commercial contract a business enters into will contain options to terminate the agreement under certain conditions. While these will often be written into a contract by your lawyer, it is still important to ensure you understand how this document might be terminated.
Under Common Law, there are a number of times when a contract can be cancelled, most commonly if an essential part of the contract was breached. This refers to the portions of a contract that are deemed to represent a promise that was central to the signing of the contract.
2015 brings new code of conduct for franchise agreements
Franchising is a popular business start up, acquisition or business growth strategy, but as with any business venture there are risks that need to weighed up.
Tighter consumer protection mechanisms through the new Franchising Code of Conduct will commence on January 1 2015. Some of the Code provisions are also staggered throughout 2015 to allow some time for Franchisors to ensure their franchise agreements and disclosure documents are compliant..
Court decision finds verbal agreements can be binding
A recent decision from the Queensland Court of Appeals has determined that verbal agreements – those entered into by individuals without any supporting documentation – can be treated as legally binding.
The ruling follows a legal dispute between a veterinarian and his accountant. The veterinarian argued that, over the course of three phone calls and a meeting, the two had reached an agreement whereby the accountant would purchase $3.2 million worth of Wagyu cattle from the veterinarian.
