A shareholders agreement is a binding contract between the shareholders of a company which outlines their key rights and obligations. While it is not a requirement, it is a good idea to set one up at the beginning of a new business venture wherever there are two or more shareholders. Having a shareholders agreement will allow for the smooth function of your business by preventing disputes.
If you are having a contractual dispute with another party and have been unable to resolve the issue peacefully and informally, then you may consider suing that party by commencing proceedings against them in a court of law.
In our last article we introduced the Security for Payment legislation through the Building and Construction Industry Security of Payment Act (NSW) 1999 (“SOPA”) whereby creditors can enforce progress payments in accordance with their contract.
An Employment Agreement is an agreement between an employer and an employee that sets out terms and conditions of employment. An Employment Agreement can only be amended or varied by agreement between the employee and the employer.
It is estimated that while 80% of new start-ups exist for at least 12 months, more than half of them will fail in the subsequent 5 years. While the percentage of small businesses failing in the first 5 years is very high, it is comforting to know that most successful businessowners have one or more business failures to their names.