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Business Legal Health Check List

11 Oct Business Legal Health Check List

Posted at 11:48h in Publications by

Commercial Arrangement

  • Sole Trader
  • Partnership – Is there a partnership agreement? Does it need to be updated?
  • Company – Is the Constitution up to date? Do you understand your director’s liabilities?
  • Trust – Is the Trust Deed up to date?
  • Unsure

Written Agreements

  • Is this arrangement evidenced by written agreements?
  • Do you know where they are?
  • When were they last reviewed?
  • Have you created an exit plan in case of a change in circumstances?
  • Is there a succession plan for your retirement?

Leases/Property

  • Do you lease or rent your premises?
  • Do you have a written lease?
  • Do you have any options for further a term?
  • When does your lease/option expire?
  • Do you know where the document is?
  • Have you provided :-
    • Personal guarantees?
    • Bank guarantees?
    • Bond?
  • Are you a lessor? Do you know:-
    • Whether you are obliged to provide a Lessor Disclosure Statement?
    • When your rent reviews are and how the rent is to be reviewed?
    • What your obligations are in relation to statements of outgoings?
    • What your obligations are in the event of a proposed assignment by the lessee?

Superannuation

  • Do you have more than one superannuation fund?
  • Do you know the location of the trust deeds?
  • Who is the trustee?
  • Who is the nominee?
  • Is it a self managed fund?
  • Have you considered using your SMSF to acquire property?

Equipment Leases

  • Do you have any leases on plant or equipment?
  • Do you know where these documents are?
  • When do they expire?
  • Is there a residual payment? Can this residual be rolled over?
  • Have you provided a guarantee?
  • Can you buy the equipment at the end of the lease term and if so, for how much?
  • If you are a hirer or lessor of equipment have you considered the impact of thePersonal Property Securities Act 2009 (Cth)?

Insurance Policies

  • Do you know what policies you have?
  • Do you know what risks they cover and are they adequate to protect your business?
  • Do you know where they are?
  • Have you had the policies checked against the insurance requirements contained in any lease document?
  • Where appropriate have you noted the interests of third parties?
  • Have you considered life insurance to protect the equity of a deceased director’s family?
  • Have you considered income protection insurance?
  • Have all relevant matters been disclosed to the insurer?

Risk management

  • Do you have product liability insurance and is it adequate?
  • Do you have public liability insurance and is it adequate?
  • Do you have professional indemnity insurance and is it adequate?
  • Do you handle personal information and if so, do you have a privacy policy, do you seek and obtain the necessary consents and disclosures?
  • Do you regularly review your advertising and promotional material to ensure that these do not mislead or deceive customers?
  • Are you aware whether or not any mandatory or voluntary standards or codes of practice apply to the products produced by your business?

Asset Protection

  • Are you in a business that is a high risk target for litigation?
  • If you have partners, do you have a partnership or shareholders agreement?
  • Does your partnership agreement adequately deal with succession issues, buyouts, drag along and tag along provisions and put and call options?
  • Do you have restraints of trade and confidentiality agreements?

Trade creditors and debtors

  • Have you provided personal guarantees for trade accounts?
  • Do you request personal guarantees from debtors on trade accounts?
  • Do you provide product warranties ?
  • Do you have standardised supply/ agency agreements?
  • Have you reviewed any retention of title clauses or any other security which is now covered by the Personal Property Securities Act 2009 (Cth)?
  • What are the terms of payment of your invoices?
  • Do you have an existing debt collection procedure?

Intellectual Property

  • Do you have trade marks, patents, design registration or copyright disclaimers?
  • Have you secured your web name or URL?
  • Is the content of your website copyright protected?
  • Are your logos registered?
  • Do you have a business name and if so, is it registered?
  • Does your business produce ideas, artwork, music or other creative material? If so, have you considered the use of Confidentiality Agreements, Licence Agreements, Agreements for the Assignment of Copyright?
  • Do you need to protect your intellectual property rights used in social media?

Employment Matters

  • Have you recently reviewed your employment contracts?
  • Do your employment contracts comply with the Fair Work Act 2009 (Cth)?
  • Are you familiar with the relevant employee awards or enterprise agreements?
  • Do you have in place anti-discrimination, grievance and harassment policies and procedures?
  • Do you know your obligations pursuant to the Work Health and Safety Act 2011 (NSW)?
  • Do your employment contracts need to be reviewed in the context of a change in the employee’s role?
  • Are you liable for payroll tax?
  • Do you need any migration advice in relation to any skilled employees?
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This publication is intended only to provide a summary of the subject matter covered. It does not purport to be comprehensive or to render legal advice. The publication reflects the law at the date the publication was written which may differ at the date the publication is being read. No reader should act on the basis of any matter contained in this publication without first obtaining specific professional advice.