Commercial, Company and Business Lawyers Adelaide
When contemplating business law matters in Adelaide, it is particularly important that you have the advice of a solicitor experienced in this area of commercial law.
Furthermore, our solicitors have networks with experts in particular aspects of commercial and company law, accounting matters and requirements of taxation law.
You may be someone operating in Adelaide as a sole trader, experienced business owner, startup entrepreneur and everything inbetween, in the business of law – our commercial and company lawyers will be able to assist you.
Commercial and Company law is not the area of every solicitor. Scammell & Co. has solicitors with decades of accumulated knowledge and experience in this area.
Scammell & Co. have 6 offices located throughout South Australia including Adelaide CBD, Port Adelaide, Walkerville, Gawler, Renmark and Tanunda. Call or email us today to speak with a lawyer about your matter, or to book an appointment at an office convenient to you.
FAQs Click on the questions below to reveal the answer.
What are some of the traps people should look for when buying or selling businesses?
A thorough assessment and audit of a business’ operations including financials, human resources, logistics, regulatory environment, compliance and competitor analysis should be a priority. Particular attention should be made to:
- Unnecessary tax liabilities created.
- Inappropriate lease terms which can make it difficult to resell the business.
- When buying a business – possibly more so in the case of smaller family businesses – checking that the wages costs shown for the business are not understated. For example, sometimes in a family business, run by a husband and wife, the wife may be attending each day, and putting in a full day, but no wages are paid and thus the cost of that person’s input is not showing as a cost in the Profit & Loss Statement.
- Danger of being sued through inadvertently failing to comply with regulations.
- Dangers arising from purchasing a non-performing business because of a failure to make adequate investigation.
When running a small business, extending credit to customers can present problems...
For example, if I extend no credit to customers I can lose orders to those competitors who do extend credit. What steps could I take regarding the following for example points?
- Preventing bad debts.
- Assessing a reasonable amount of credit.
- Obtaining director’s guarantees from customers.
- Arranging a contract to retain ownership of the goods until payment is received in full.
A. There are many different answers, according to the nature of the business.
Solicitors at Scammell & Co. have advised a wide range of businesses on the abovementioned issues and more.
The short answer is contact Scammell & Co. to arrange a discussion. The first half hour of your first meeting will be free, so you can get some specific advice at no cost to you.
What kind of business structure is best when setting up a new business or changing an existing business?
The type of business structure suitable to a particular situation will depend on a number of factors relevant to each set of circumstances.
For example, in certain situations a partnership may be preferable to a company, or vice versa.
Often tax and risk considerations apply when choosing which business structure is suitable for you.
How can business owners protect their business assets as well as their personal assets?
The type of business structure you put in place will play a crucial role in protecting your business assets as well as putting your personal assets beyond the reach of creditors.
There cannot be absolute protection of assets in every situation but there are measures that can be taken to minimize exposure of assets to creditors’ claims.
Should I, when selling a business, provide Vendor finance?
Providing Vendor finance is often a way to get a higher price for the business. However, there are many risks. For example, if the new owner is not an effective operator of the business and loses money, the chances are he will not be able to pay.
A further example of risk associated with Vendor finance – the new owner may decide, after occupying the business for a period of time, that he / she was mislead about the value of the business and paid too much. it. He / she may then perhaps refuse to pay the balance of the purchase price.
A Vendor who provides finance to a Purchaser is always taking a risk – even if he has good security.
Free legal advice.
If you have some questions, want some advice or want to get the process underway, contact Scammell & Co. to arrange a meeting. In many cases (not all) the first 30 minutes of your first meeting is free. This can give time to outline your matter and for us to give you preliminary advice.
235 St Vincent Street,
South Australia 5015
(08) 8447 4466
107 Walkerville Tce,
South Australia 5081
(08) 8342 0300