When an agreement is made “subject to contract”, it does not necessarily mean that the contract is not binding. Continue reading
“Very good presentation this evening for the AIBB workshop, no messing around straight to the point, well done.” Business Broker Perth
In this 4BC Small Business Show segment with Kevin Turner, Joe Kafrouni explains the impact on company directors resulting from significant changes to the director penalty regime passed on 29 June 2012. Essentially, company directors are personally liabile for PAYG and employee superannuation that is outstanding for more then 3 months.
In this 4BC Small Business Show segment with Kevin Turner, Joe Kafrouni highlights concerns raised by the Australian Institute of Business Brokers (AIBB) over the conduct of some rogue business brokers (+discussion on business sales and partnerships). In a nut shell, business owners looking to sell there businesses need to be careful when engaging business brokers who represent:
- they have access to significant foreign buyers of businesses;
- these foreign buyers are prepared to pay top dollar to buy their business;
- provide an appraisal of the business that exceeds the owner’s expectations;
- the business owner is encouraged to invest in an advert in an “independent” publication (usually a magazine) for a significant amount of money (usually $6,000 to $24,000). Continue reading
The following article by Joe Kafrouni was published by Australian Anthill Magazine on 14 June 2012: http://anthillonline.com/what%E2%80%99s-in-a-business-name-more-than-the-bard-bargained-for/ It addresses, in simple terms, what is a business owner’s right when registering a business name and the difference between a registered business name and a registered trade mark.
For business brokers, the following scenario is becoming more common:
- You have sold a business.
- The contract is unconditional.
- The buyer breaches the contract and does not complete.
- As a result, the seller terminates the contract.
- The seller is demanding that you release the deposit to them as they are in the right.
- The buyer advises you not to release the deposit as it is in dispute, often with made up allegations or no explanation at all.
- You want to be paid your commission from the deposit.
What can you do?
The following article by Joe Kafrouni was published by Australian Anthill Magazine on 17 May 2012: http://anthillonline.com/it%E2%80%99s-not-enough-to-build-iphone-apps-learn-your-legal-responsibilities-as-well/ This article addresses some of the important legal considerations for the applications terms and conditions of use. 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
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 firstname.lastname@example.org or email@example.com.
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