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Key points when buying a cafe:
When a party to a business sale contract is a trust (normally a discretionary or unit trust) it is important to reflect this correctly when completing the buyer’s or seller’s details on the contract. A failure to do so could create ambiguity as to the correct party entering into the contract. This may leave the other party high and dry if things go bad. Continue reading
There are many factors to consider when purchasing a manufacturing business in order to protect the continuity of the business following settlement. Here we cover some of the important issues (amongst others) that a buyer should discuss with their business lawyer before signing a contract. Continue reading
Key Points
Business brokers and real estate agents are typically engaged as contractors to a business. However, just because a worker is engaged as a contractor does not mean that they will be treated by law as one. Regardless of the form of the agreement, if the contractor has the characteristics of an employee, then the law may categorise that worker as an employee. Each case will depend on its own facts, so the Courts will always look at the totality of the circumstances to determine if a worker is a contractor or employee.
This Guide provides a summary of the key factors in determining the independant contractor versus employee issue.
What to do next: If you would like more information on the distinction between employees and independent contractors and the impact on your business call Rob Montes or Joe Kafrouni on (07) 3354 8888 or rob@klaw.com.au or joe@klaw.com.au.
This Guide by Kafrouni Lawyers and the Australian Institute of Business Brokers (AIBB) is designed for use by buyers and sellers of businesses, business brokers and professional advisers when using the REIQ Business Sale Contract (“Contract”). The purpose of the Guide is to explain what particular parts of the Contract mean and to highlight (either in the content or the process) various risks of getting things wrong. Continue reading
Pharmacy sales have many similar issues to other retail businesses. However, there are some very significant issues that require a buyer’s particular attention prior to entering into a contract, so that the buyer can legally run the business after settlement. Continue reading
When a business has a great idea for an iPhone application, it is understandable that the development of the application itself takes priority. However, it is important to bear in mind that an application gives rise to legal obligations, not only between the business and the retailer (e.g. Apple) but also between the business and the end user. This is where the business must consider the end user licence agreement that will be required, not only as it is required as part of the development and approval process with the retailer, but more importantly because of the legal obligations that might arise. Continue reading
Under the Electronic Transactions (Queensland) Act 2001 (ETA) there is a need for prior consent to send contract documentation by electronic means. If a contract is to be exchanged between parties by fax or email then consent must first be obtained from the recipient receiving the contract. It is not appropriate to have a clause (or special condition) inserted into a contract as the ETA states the recipient must have already given consent at the time the information (contract) was received by them. Continue reading
Whilst purchasing an accounting firm, or any other professional services business for that matter, does have similar issues to other commercial businesses, there are some very important issue that require particular attention to protect a buyer’s interest and their ability to run the business following settlement.