Commercial & Business Law
Perspective Law’s corporate and commercial team provides advice to clients across various sizes and industries on a range of business and commercial issues. Whether you’re launching a new venture, navigating a commercial transaction, restructuring for growth, protecting your assets, or tackling a commercial challenge, we’re here to support you every step of the way.
We can assist with:
- Business Sales and Acquisitions
- Business and Private Structuring
- Contracts and Agreements
- Commercial Leasing Transactions
- Shareholder and Partnership Agreements
- Buy/Sell Agreements and Share/Sale Agreements
- Intellectual Property
We believe in a collaborative approach, working closely with your accountant and financial advisor to provide comprehensive, personalized advice throughout every stage of your business journey.
Business Structures
When starting a business, selecting the right structure is essential for ensuring long-term success. One of the first decisions you’ll face is choosing the right business structure. Whether you’re considering operating as a sole trader, forming a partnership, or establishing a company, each option comes with its own legal implications.
Our commercial team is here to help you choose a structure that aligns with your needs and circumstances, while considering asset protection and the potential future expansion of your venture.
Sole trading offers simplicity and affordability but carries the risk of personal liability for all debts and business operations.
A partnership might be suitable when two or more individuals envision shared success and bring their skills, expertise, and resources to the table. However, partners are mutually responsible for all business debts regardless of how they were incurred, and there’s a potential risk of disputes among partners. A written agreement is essential for establishing clear expectations and protocols upfront, guiding the management of the partnership and resolving issues, allowing partners to navigate challenges more effectively.
While there are some setup and ongoing costs associated, establishing a registered company can offer several benefits, including tax rates advantages and simplifying the transfer of ownership through share sales. As a distinct legal entity, a company also offers a certain level of protection for its officeholders. A well-structured shareholder agreement is essential, as it defines each shareholder’s rights and duties, along with mechanisms for resolving disputes.
Navigating these structures requires careful consideration of your business goals and legal obligations. Our team at Perspective Law team is committed to providing strategic advice that supports your business’s growth and protects your interests effectively.
Trusts
A trust serves as a legal mechanism where financial assets are held by a trustee for the benefit of designated beneficiaries, effectively separating legal ownership from beneficial ownership. Trust structures provide flexibility in managing assets and distributing income, making them adaptable to changing circumstances.
A unit trust is a legal structure that holds assets on behalf of unit holders. A trustee administers the trust, makes decisions about trust assets, and is responsible for distributing income and capital based on the number of units each investor holds.
A family trust, often established for asset protection or tax planning purposes, is a discretionary trust designed to manage a family’s assets or business affairs. It enables strategic income distribution among beneficiaries to optimize tax benefits, such as by allocating income to beneficiaries in lower tax brackets.
A testamentary discretionary trust is simply a trust which is established in a Will. The beneficiaries receive their estate distribution on the terms of a trust rather than in their personal name. The trustee has the day-to-day control of the trust. An independent trustee can be appointed, or the Primary Beneficiary can be the trustee of their own trust, either on their own or jointly with another person.
Establishing a trust can effectively safeguard assets for designated beneficiaries and offers flexibility in distributing property and income. They are, however, complex structures governed by strict reporting requirements and intricate tax regulations, requiring careful management and legal oversight.
Business Sales and Purchases
The sale and purchase of a business is a significant transaction, carrying potential legal and financial implications well into the future. It is important to document your negotiations in a comprehensive written agreement that sets out each party’s rights and responsibilities and provides for a range of contingencies. The agreement should be prepared by an experienced lawyer and each party independently advised.
For sellers, achieving the best possible price often involves making trade-offs, such as agreeing to payment in instalments or providing transitional support to the new owner. These decisions can impact the final terms and conditions of the sale.
Buyers, on the other hand, must ensure they acquire everything necessary for the successful operation of the business. This includes assessing the suitability and transferability of leases, verifying ownership of intellectual property like logos and trademarks, and confirming eligibility for necessary licenses. Understanding the obligations under existing contracts and service agreements that continue post-sale is also crucial.
Navigating these complexities requires thorough due diligence and expert legal guidance to safeguard the interests of both parties and facilitate a smooth transition of ownership.
Restructuring
Whether prompted by a crisis or opportunity, companies often find themselves contemplating a restructure process. This could involve raising equity, changing ownership structures, or refinancing your business. The restructuring of an organisation triggers a range of considerations, such as employee transfers, terminations, or potential redundancies, which all require careful management and resolution.
It is important to identify and address these issues promptly. Our team offers strategic guidance to assist business owners and executives in navigating complex and sensitive commercial challenges effectively. We focus on achieving positive outcomes that align closely with your business objectives.
If you need assistance, contact one of our lawyers at [email protected] or call 07 3839 7555.