Where business operators use a Corporate Structure, and there is more than one Shareholder it is important to have a Shareholder’s Agreement.
Shareholder’s Agreements have been likened to a Commercial “pre-nuptial” Agreement.
They set the rules about the way a company operates.
These Agreements are separate from the Company Constitution.
Usually they are more detailed than the Company Constitution and often they are drawn to override the Constitution where there is conflict between the two documents.
Common contents of Shareholder’s Agreements are:
• The contributions of the shareholders when Company is incorporated;
• Management structures;
• Rules around the appointment and removal of directors;
• Business Plans, budgets and accounts;
• Controls about the transfer of shares;
• Dispute resolution;
• Retirement of Shareholders and how their shares are valued;
• Non-competition clauses;
• Confidentiality provisions.
Overall, the Shareholder’s Agreement should deal with anything that the Company’s Constitution, and the law applying to Companies does not.
They are vital to allow Companies to ride out the rough and tumble of business through the years ahead.
Business owners often require assistance from other people to carry out work and to grow their businesses. This assistance might be required occasionally or on an ongoing basis.
The business owner must decide how to engage these people in business with them. Should they employ staff, should they engage contractors or should they take on partners.
Whatever decision the business owner needs to make sure he or she enters into a well written business contract. Those contracts need to be well considered, and well drawn in writing.
So if you are or know a business owner looking to expand, refer them to Angas Lawyers for advice and preparation of contracts and agreements.
Angas Lawyers would like to wish you a Merry Christmas and a Happy New Year.
Please note our offices will be closed from Wednesday 23rd December 2015 at 12.30 pm.
We will re-open in the New Year on Monday, 11th January 2016 at 9.30 am.
If you require our assistance during this time, please email us at firstname.lastname@example.org.
After the passing of a loved one, emotions are often raw. As a result, it is important that the administration of the estate is carried out in a fashion which best suits the needs of the deceased’s family.
If in a deceased’s Will a trustee company is appointed executor to administer the estate the administration is likely to be carried out in accordance with that companies’ policies and needs and not the wishes of the deceased’s family.
The choice, for example, of an agent to sell real estate is likely to be decided from a list kept by the trustee company. Family heirlooms and memorabilia may also be distributed or sold according to the trustee company’s policies and not necessarily the family’s wishes.
A Will should be drawn to reflect your personal wishes and ensure that your personal wishes are carried our after you passing.
If you know someone who is thinking of having a trustee company draw their will or they have a Will with a trustee company, tell them to contact Angas Lawyers.
We can make sure that their wishes and their family’s wishes are carried out with care and compassion.
The administration of an estate can be complex.
Dealing with the Probate office and the rules that need to be followed can be an exercise in frustration.
Often, the winding up of a family member’s affairs needs to happen at a time when the family is grieving.
We at Angas Lawyers are able to provide the direction, the documentation and the peace of mind that is required to assist your family and friends at this difficult time.
Superannuation has been in the news lately, and there are significant incentives particularly for older Australians to pay money into their Superannuation.
One way of investing in Superannuation even for those of us in business is to consider a Self-Managed Super Fund. They are not necessarily for everyone but they can provide an avenue for flexible investment. They can also be used as part of estate planning.
If you know someone who has a self-managed super fund or who is considering setting one up, they will need to receive careful estate planning.
Contact us on (08) 8223 4762 to arrange an appointment to speak with our lawyers today.