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“Short Take” client legal education videos by Jim Wilson, Principal

an initiative of www.wilsonhayneslaw.com.au 

Jim Wilson, Principal Wilson Haynes
Jim Wilson, Principal Wilson Haynes

Latest From Tutorials

The importance of reading your pest report ...

Watch this video from Jim Wilson, Principal Wilson Haynes – solicitors, conveyancers and business advisors.

WILSON HAYNES – solicitors, conveyancers and business advisors – provide expert advice on all commercial, property, wills and estates and family matters. For a FREE 30-minute appointment about your legal matter please call 07 5536 3055.

Thinking of suing your adviser or service provider?

Watch this video from Jim Wilson, Principal Wilson Haynes – solicitors, conveyancers and business advisors.

WILSON HAYNES – solicitors, conveyancers and business advisors – provide expert advice on all commercial, property, wills and estates and family matters. For a FREE 30-minute appointment about your legal matter please call 07 5536 3055.

SHAREHOLDERS' AND UNITHOLDERS' AGREEMENTS

Thinking of going into business with friends?

The first thing you should do is draw up a shareholders’ or unitholders’ agreement to minimise your business risk, according to Jim Wilson, principal of Wilson Haynes – solicitors, conveyancers and business advisors.

“The biggest risk to mitigate against is the prospect that you and your friends don’t know your roles, entitlements and obligations and end up disagreeing on how the business is to be run,” said Jim. “This will ultimately lead to the financial failure of the business.

“Unfortunately, the first thing most new business people do is to visit their accountant to discuss business structures, tax implications, stock levels, operating margins, cash contributions by each party, cash flow and all the important things that will make the venture worthwhile. They may end up purchasing a company or may be advised to run the business with a company acting as trustee of a unit trust.

“But most accountants and even many lawyers do not bring up the subject of business risk mitigation. This can be fatal for new companies with shareholders.”

The best way to minimise business risk in a company or unit trust situation is have a shareholders’ or unitholders’ agreement drawn up by your solicitor. This will set out:

  • Who will be on the Board and how members will be replaced;
  • How the Board will function;
  • The roles of each shareholder, their remuneration and how this will be reviewed;
  • Who will provide guarantees for working capital and leases;
  • What happens if the business needs more money;
  • What happens if one of your friends can’t contribute any more money;
  • What happens if one of your friends wants to sell out;
  • What restrictions are put on the seller in terms of ability to set up in competition;
  • Can a seller force the other shareholders or unitholders to sell too (called ‘drag along’)?
  • Can a shareholder or unit holder who is offered units for sale, request that his shares or units be part of the sale (called ‘come along’); and
  • Dispute resolution.

“It is important not to spend any money on setting up a business structure until you have a clear understanding between all shareholders or unitholders about the rights, entitlements and obligations of each of you. Always see your solicitor first when thinking about going into business with anyone to discuss how the relationship with your business partners will work and be documented,” said Mr Wilson.

WILSON HAYNES – solicitors, conveyancers and business advisors – provide expert advice on all commercial, property, wills and estates and family matters. For a FREE 30-minute appointment about your legal matter please call 07 5536 3055.

CORRUPT TOWN PLANNING PRACTICES - GOLD COAST CITY COUNCIL

A WORD FROM PRINCIPAL, JIM WILSON, ABOUT PROCRASTINATION WHEN IT COMES TO USING LEGAL SERVICES

LATEST LAW & YOU MEETUP

WILSON HAYNES – solicitors, conveyancers and business advisers – is excited to announce that its FREE one hour legal information sessions* are going digital.

The new look Law and You MeetUp webinars will focus on a different topic each month. The first will focus on family law and will take place at 6.30pm on Thursday August 31.

Whether you are about to start a new relationship or contemplating ending one – you need to know how best to protect your assets and ensure all parties are treated fairly.

At this session Principal Jim Wilson and Senior Associate Sean Powell of Wilson Haynes – solicitors, conveyancers and business advisors – will discuss:

  • Divorce;
  • Child custody; and
  • Asset separation.

To join the webinar go to: https://global.gotomeeting.com/join/830224605 

at 6.30pm on Thursday August 31.

For a quick guide to using the webinar software go to: http://support.citrixonline.com/en_US/meeting/video/G2MV00036

Anyone is welcome to the FREE Law and You MeetUp community events – to find out more visit: https://www.meetup.com/The-Law-And-You/

*NB – Information provided is general in nature only and should not be regarded as “legal advice.” You may seek legal advice from any legal professional you wish to and are under NO obligation to seek advice from either Wilson Haynes Law or any of our various speakers or presenters.

WHY ASKING A SOLICITOR TO QUOTE ON THE COST OF A WILL OVER THE PHONE IS DANGEROUS TO YOU!

To view this video on YouTube, click here.

CAN YOU STAY SMALL IN BUSINESS AND BE PROFITABLE?

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COME DOWN AND VISIT US AT THE SOUTH GOLD COAST BUSINESS EXPO.

The team at Wilson Haynes will be at the South Gold Coast Business Expo, held at the Tallebudgera Recreation Centre. This Friday 12 August 2016, from 10am till 4pm.

Come down and meet the team and gain valuable legal and business insights.

Contact Wilson Haynes for legal advice. Call 07 5536 3055

To view this video on YouTube, click here.

SHAREHOLDERS AGREEMENTS - DO YOU OR YOUR CLIENTS REALLY NEED ONE?

Ever wondered how much protection Shareholders Agreements actually provide?
Or how to draft them in the most effective way for your business relationships?

Contact Wilson Haynes for valuable legal insights into Shareholders Agreements. Call 07 5536 3055

To view this video on YouTube, click here.

2.5 MIN TAKE ON LEGALISING YOUR EXCLUSIVE USE OF COMMON AREAS

Contact Wilson Haynes for valuable legal insights into Legalising Your Exclusive Use of Common areas . Call 07 5536 3055
To view this video on YouTube, click here.

TV INSURANCE POLICIES - 5 THINGS YOU SHOULD KNOW

Contact Wilson Haynes for valuable legal insights into TV insurance policies. Call 07 5536 3055
To view this video on YouTube, click here.

SHORT TAKE ON DISINHERITANCE

Contact Wilson Haynes for valuable legal insights into a disinheritance. Call 07 5536 3055
To view this video on YouTube, click here.

SHORT TAKE ON CONVEYANCING - RUBBISH

Contact Wilson Haynes for valuable legal insights into a conveyancing - rubbish. Call 07 5536 3055
To view this video on YouTube, click here.

SHORT TAKE ON 3 IMPORTANT THINGS WHEN BUYING A PROPERTY

Contact Wilson Haynes for valuable legal insights into buying a property. Call 07 5536 3055
To view this video on YouTube, click here.

SHORT TAKE ON THE 7 ESSENTIAL INGREDIENTS TO BECOME A SUCCESSFUL ENTREPRENEUR

Contact Wilson Haynes for valuable legal insights into a business advise. Call 07 5536 3055
To view this video on YouTube, click here.

BUSINESS FOR SALE? 3 THINGS YOU NEED TO KNOW IF YOU WANT TO MAXIMISE THE RETURN ON SELLING A BUSINESS

Contact Wilson Haynes for valuable legal insights into a business advise. Call 07 5536 3055
To view this video on YouTube, click here.

SHORT TAKE ON ESTATE PLANNING

Contact Wilson Haynes for valuable legal insights into estate planning. Call 07 5536 3055
To view this video on YouTube, click here.

Next video coming soon. Stay tuned!

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