We can assist you in understanding commercial agreements that may arise whilst operating your business or between family members. Our solicitors can:
- negotiate and prepare leases, licences and sale contracts for premises associated with your business;
- prepare loan agreements, mortgages, securities and other documents that you may need to protect your interests;
- advise you about planning for the future of your business when you retire;
- act for you in relation to buying or selling a business, including the preparation of all necessary documents in compliance with applicable legislation; or
- prepare various agreements such as Granny Flat agreements, shareholder agreements and distribution agreements.
Some common commercial agreements include:
A Loan Agreement formalises an arrangement where one party has agreed to loan money to another. It is important that such agreements are in writing to protect both parties financial interests.
A written Loan Agreement formalises the debt in a binding contract and sets out how repayments will be made. It can include interest repayments and can set out any security over the loan, such as giving the Lender the ability to lodge a caveat or mortgage over the Borrower’s property.
In the event that a dispute arises in relation to a Loan Agreement, Adelta Legal can assist you in determining your rights and obligations under the agreement.
A Shareholder Agreement sets out the rules that govern the shareholders of a private company, such as how shares can be sold or issued, how directors will be appointed, how disputes will be dealt with, reporting requirements, how shares will be valued, how capital will be contributed and the rights and obligations of shareholders.
It is highly recommended that a company prepare a Shareholder Agreement to set out the way the company will operate and the method of resolving any disputes that may arise during the lifetime of the company. It also deals with issues such as the death or incapacity of a shareholder and how the buy out of that person’s shares may be effected and valued.
Contracts for the sale and purchase of a business
The sale or purchase of a business must be property documented to protect your legal interests. We can assist you in all stages of the sale or purchase of a business from the negotiation stages through to settlement including:
- drafting the Business Sale Contract;
- reviewing and advising on the assignment of any franchise agreements;
- transfer of business names;
- arranging for the assignment or transfer of leased premises;
- drafting vendor finance agreements;
- ensure the appropriate transfer of employee entitlements;
- the assignment of business supply contracts; and
- identifying and discharging liabilities registered on the Personal Property Security Register (PPSR).
Adelta Legal can provide assistance and advice relating to Reverse Mortgages, sometimes called Senior’s Loans. These mortgages allow seniors to borrow against the existing equity in their home, without needing to make regular repayments. Often, before a bank will finalise a Reverse Mortgage, the borrower is required to obtain legal advice and have the bank’s documents witnessed by a solicitor and Adelta Legal can assist in this regard.
Franchises are a unique business model that can have a significate power imbalance between the franchisor and the franchisee. Therefore, if you are thinking about purchasing a franchise business it is imperative that you aware of your rights and obligations as well as the pitfalls and risks you may face as a franchisee. Adelta Legal can provide a comprehensive review of all franchise documentation, and provide advice to you in plain English on the Franchise Agreement, Disclosure Document and related commercial leases or licences relating to the business premises.
We have offices in the city, at Tea Tree Gully and Morphett Vale for the convenience of clients. In addition, for the elderly or infirm, visits can be made to clients at home or in hospital.
Call us on 08 8415 5000 or send an email to make an appointment.