Business Law

Be Afraid, Be Very Afraid: The Dangers of Division 7A Loan Accounts

Being a director of a company in Australia is an onerous position, particularly when economic times are tough. Managing creditors has never been harder than now, and there is often the temptation to, figuratively, “rob Peter, to pay Paul” when juggling cash flow. The vast majority of companies in this country are run by one […]

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The dangers of director’s guarantees

As a director of a company, you may only be personally liable for the company’s debts and claims to the extent that you may be in breach of your duties as a director. This blog post tells you about your liability as a director and how to avoid breaching your duties as a director.

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How to legally protect your family home

It is important to remember that if a person becomes bankrupt, all their assets “vest in”, or become controlled by, their trustee in bankruptcy, who can then sell those assets to pay out the creditors of the bankrupt.

Such assets include the family home of the bankrupt whether the home is registered in the sole name of the bankrupt or the joint names of the bankrupt and their spouse or other family member.

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Dissolving a business partnership

Partnerships are one of the most common business structures. In order to establish a partnership all that is required is two or more individuals carrying on a joint business venture with a view to profit, each incurring liability for losses and the right to share in the profits.

Like a de facto relationship, no formal documentation or procedure is required to establish a partnership.

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Are your terms of trade legally effective?

One of the best ways to protect your business and ensure you get paid is to have well prepared, clear and concise ‘Terms of Trade’ between your business and those with whom your business transacts. Having clear terms of trade is an excellent way of minimising and preventing bad debt.

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Top 10 ways to make the new financial year a happy one

With the end of the financial year is upon us, it is critical that you plan ahead to ensure the business remains viable and profitable while meeting all your statutory, contractual and financial commitments for the new FY.

Here are the top 10 ways you can make the new financial year a happy one.

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