A penalty clause is a term in a contract that imposes a penalty on a party that breaches a contractual obligation. It is important to know that penalty clauses are generally unenforceable under Australian law. However, it can sometimes be difficult to distinguish...
A “Heads of Agreement” is one of those legal terms that you may come across for the first time and find yourself doing a quick Google search of. To make things more confusing, the term is sometimes used interchangeably with terms such as “Letters of Intent” or...
So you have found a business and you have your heart set on buying it. Congratulations, that’s great news! However, before you rush off to purchase the business you need to be aware of some important steps to consider. Step 1 – Is this business right for you? Not...
There are 4 main types of business structures in Australia, each with its own advantages and disadvantages. A person can carry on business as a sole trader, partnership, trust or company. The choice of business structure is an important decision to make at the start...
Buying or starting a business can be overwhelming. There is a lot to consider such as the most suitable structure for your business, the financial and taxation implications and ensuring from the start that you are placed in the best position for future growth and...
When renting commercial property it is important for both landlords and tenants to understand the relationship they are entering into and the rights and obligations that they each have. The document that governs this relationship is usually a Commercial Lease. A...
