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commercial law
Commercial Law, or Business Law, covers all the areas of law regarding commerce and business. Anyone conducting commerce in Australia, from a Sole Trader to a multinational Company will, from time to time, be faced with commercial or legal issues that a lawyer can assist with. If you would like to speak with us about any facet of Commercial Law, please call us at our office to arrange an appointment with one of our lawyers.
At milburn guttridge lawyers we accept instructions in a wide range of Commercial Law areas, including but not limited to:
- Business Conveyancing
- Leases and Property Work
- Companies and Trusts
- Credit, Debt Agreements and Securities
- Body Corporate Work
- Franchise Advice
- Building Contracts
- Employment Law
- Intellectual Property Advice
- Partnership Law
- Taxation and Duties
The following information regarding fundamental Commercial Law considerations is provided for your reference.
asset structuring and protection
We encourage you to consider structuring your assets with a view to minimising your taxation liability and protecting your assets from attack by possible litigants in the future.
To this end, you may need to consider:
- Transferring any existing jointly owned assets from two people to just one person,
- Transferring any existing assets to a new entity, such as a company or a trust, or
- Purchasing investment property or a business using a new entity, such as a company or trust.
We are happy to provide you with some further information on the benefits and disadvantages of creating companies or trusts.
lease negotiations
When you consider leasing a business premises you should bear the following in mind during the course of negotiations:
The advantages of taking a long term lease are:
- You may be able to negotiate better terms, such as
receiving:
- A contribution towards your fit-out and establishment costs,
- A rent free period, or
- An option to purchase the property.
The disadvantages of taking a long term lease are:
- You are responsible for the payment of rental for the duration of the lease (and option if exercised by you) even if you assign the benefit of the lease to another party, and
- If the lease is for a period of more than three years, you will be required to register the lease, which can require substantial payments to be made.
The advantage of taking a short term lease is that you have less financial exposure.
You should generally seek to restrict rental reviews to fixed or CPI increases and minimise the number of market reviews to be conducted throughout the term of the lease.
You should ask for a draft of the proposed lease from the outset of negotiations to provide you with a greater understanding of the commitment.
due diligence
You should complete ‘Due Diligence’ enquiries when buying commercial real estate, or buying a Business. The enquiries may be conducted before signing a contract or, as is more likely, your contract will be made subject to satisfactory Due Diligence enquiries.
‘Due Diligence’ requires consideration of:
- The physical and financial aspects of the Property or Business to be bought (Physical and Financial Due Diligence); and
- The legal aspects of the Property or Business to be bought (Legal Due Diligence).
