2014 Business Tune Up.
By Michael Fetter
13 January 2014
Tisher Liner FC Law wish you a happy, healthy and prosperous 2014.
With the new year commencing, it’s important to ensure that you kick off 2014 on the right track and evaluate your business to ensure that you have your legal documents in order.
This is your 2014 Business Tune Up.
Some of the areas you should consider reviewing are:
- Is your lease due for renewal?
- If you are a Tenant, have you exercised your option for a further term?
- If you are a Landlord, have you notified the Tenant of the date that the lease must be renewed to comply with the Retail Leases Act 2003 (if applicable)? See our previous post here.
- It is important to make sure any renewed lease is documented properly and that you do not rely on the previous lease which has expired.
- Have market or annual rent reviews been conducted and the tenant notified of the change in rent?
- If you are a Landlord, have you requested an updated security deposit when the rent increased (if this is permitted by your lease)?
2. Security interests (formerly charges and retention of title)
Have you registered security interests not already registered on the Personal Property Securities Act? Time is running out for transitional arrangements. See our previous post here.
3. Company, trusts and structuring issues
- Have you updated your company and trust registers for any share or trust transfers and allotments. Has a director or secretary changed? Have you documented these changes properly and notified ASIC?
- Have you considered whether your current business structure is suitable still? As your business expands, so does the consideration for adequately protecting it. See our previous post on structuring here.
- Do you have a shareholders/Unitholders agreement? If so, does it deal adequately with issues which affect the business? Have you agreed on what happens when one party wants to retire/leave?
- Do all employees have an employment agreement which has been signed?
- Are your policies and procedures concerning drugs, alcohol, bullying, internet and email use up to date?
- If you employ those receiving minimum wage, are they obtaining the correct and up-to-date rates?
- Have you correctly classified employees and contractors? See our previous post here.
5. Intellectual property
Is it time you registered your key trade marks to protect them from competitors? See our previous post here.
Don’t put off getting your business in shape until it is too late. Tisher Liner FC Law have been assisting clients for over 40 years in achieving commercial outcomes and guiding them through business law issues.
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