Business Owner Agreements
I have many years of experience as a business lawyer in South Australia, working with business owners and being involved in businesses myself.
I like to prepare documents that record in black and white the understanding that exists between co-owners of a business, venture or investment.
The best time to do this is at the beginning of a new enterprise. In the process of finding out what each person understands to be the agreement, I often throw in a lot of “what if” questions. Like “What if one of you dies suddenly, or is badly injured in a car accident”. “What will you do if one of you wants to sell and the other one doesn’t”.
My experience is that there are a lot less disputes down the track if these things have been worked out in advance. If there is a dispute though, at least you can usually use your own rule book. Instead of the rules that would be imposed on you by the Partnership Act, Company Law or old court cases.
These documents include partnership agreements, joint ventures, shareholder agreements, buy-sell agreements and succession agreements. I also prepare the legal documents involved when somebody leaves or joins business.
I also work with accountants when their clients need a company or trust or other business structure.