Mingqiang

Selling a business is more complex than most sellers and buyers imagine. As a seller, you may have set up systems and processes to make the business easier to run — such as automated payment systems, customer management software, and other software used in day-to-day operations. When selling the business, these systems need to be transferred to the buyer, which makes the whole sale process take far longer than expected. Today we discuss some of the common issues that arise when selling a business.

Trusts are a concept we hear about frequently, and news reports often feature stories about them — for example, a certain entrepreneur setting up a large offshore trust to mitigate risk.

COVID-19 has been in Australia for two years, and although a series of subsidy measures have been implemented, the pandemic has still brought difficulties that many businesses find hard to overcome.

In our traditional thinking, the topic of wills tends to be taboo. In reality, however, making a will does not mean giving up on life, nor should will-making be something that only happens at the very end of one’s life.

The divorce has been finalised, but the property has not been effectively divided. If one party then buys a house, acquires other assets, or even takes on new debts, can these newly acquired assets or liabilities be treated as joint property and divided?

In short, a binding financial agreement is an agreement entered into between two people (including same-sex partners) that has legal effect and sets out how the couple’s assets will be divided in the event the marriage breaks down or the de facto relationship breaks down. Once the parties have entered into a valid binding financial agreement, their property will be divided in accordance with that agreement when the relationship ends.

In mid-January this year, in light of Omicron’s impact on NSW small and medium-sized businesses, the NSW government extended the rent deferral and relief measures for commercial tenants with an annual turnover of less than AUD 5 million, with the extension running until 13 March 2022. At the height of last year’s NSW outbreak, on 14 July the NSW government enacted the Retail and Other Commercial Leases (COVID-19) Regulation 2021 (the “Regulation”), and on 13 August passed an amendment that provided greater protection for tenants who entered leases before 26 June 2021 and were affected by the pandemic.

When buying or selling property in Australia, many people engage a lawyer to help — for example, to review the contract, handle the title transfer, and so on. However, criminals often exploit this opportunity, stealing client information and sending scam emails to lure clients into transferring funds. If you’re not careful when buying a property, falling into such a trap can lead to devastating losses. Today’s story is about a couple who made exactly this mistake. Read on to avoid the same pitfall!

Compared to buying assets, taking over a company and its business by purchasing shares can make the handover much easier. This is because the underlying contracts with existing clients, suppliers and employees remain unchanged. However, risks still exist. Buying a company is never as simple as agreeing on a price. As a buyer, there are several important documents and steps to ensure you obtain lawful ownership of the shares, and the most important document is the share sale agreement.

Little A was working as a graphic designer at a property company when, one day, his boss suddenly told him that because of the pandemic the company no longer needed so many designers, and that after handing over his current projects he didn’t need to come in anymore. Little A was unhappy and confused — by dismissing him with just a notice like this, was the company acting fairly and lawfully?