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F.A.Q.

a. Do I need a solicitor to buy or sell a business?

You do not need a solicitor to buy or sell a business, however, buying or selling a business is a major transaction in which you need to properly consider a range of legal issues. A solicitor experienced in business transactions will therefore be able to advise you with those issues in order to protect your interests and ensure that the transaction proceeds smoothly.

If you are considering selling or buying a business, contact Justin Thornton on jthornton@marsdens.net.au to protect your interests.

b. Do I need a written Agreement if I lend someone money?

You do not need a written Agreement if you lend someone money, however, having a properly documented Loan Agreement will ensure that your agreement with the borrower is clear and is legally enforceable if the money is not repaid. You should also consider whether you obtain any security from the borrower for the loan amount to better secure the repayment of the money.

If you are considering lending someone money, contact Justin Thornton on jthornton@marsdens.net.au to protect your interests.


c. I am the Director of a Company, is there a possibility that I will be liable for some of the debts of the Company?

If you are the Director of a Company, the Corporations Act 2001 (Cth) does contain provisions that may result in you becoming personally liable for some or all of the debts of the Company. You should therefore consult with a solicitor to ensure that you are aware of the obligations imposed on you as a Director and also to discuss how you can protect yourself against potential liability.

If you are considering becoming a Director or already are a Director of a company, contact Justin Thornton on jthornton@marsdens.net.au to find out your obligations.


 

 

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