The dedicated team of commercial lawyers at SPM Law have a wealth of experience and a commitment to their clients offering practical strategies and advice for a full range of commercial law requirements;
- Loans & Mortgages
- Setting up a business structure (including company, partnership, trust or joint venture)
- Company Compliance
Loans & Mortgages
Need assistance in managing major disputes around loans and mortgages?
I’ve loaned some money–do I need a written agreement? Do you need one legally? – No. But should you have one? Absolutely.
The majority of disputes arising around undocumented loans are the parties disagreeing about the terms. Common areas of disputed terms include the following: When is the loan due to be paid? Is interest payable? If so, how much? Is it simple or compound interest? What happens if it’s not repaid when due? All of these issues can be simply avoided by having the parties sign a loan agreement, which clearly sets forth their rights and obligations.
Do I need a mortgage or other security? Legally? No. But should you? Absolutely.
The only way of guaranteeing repayment of a loan is by taking security over an item of equal or greater value than the loan, or getting someone else of solid financial standing to guarantee the repayment. If a borrower declares bankruptcy, unsecured creditors are the last to be paid. You’ve worked hard to get that money – it doesn’t make sense just to give it away!
There are numerous competing issues in determining the right structure for your business venture. Many of these are tax driven and your accountant will be able to steer you in the initial direction. However, the type of business venture, the people you are entering into business with and other risk factors are elements that need careful consideration and SPM Law have years of experience in determining the right structure for you whether it be a company, trust, partnership or joint venture..
Once the structure has been determined, it is vitally important that the agreement is put down in writing. There’s little point in trying to sort an issue out once it’s gone pear shaped!
Company matters are no longer just the domain of high flyers. With well over 1 million companies registered in Australia, it has become a common vehicle for everyday business ownership and investment. However, the legislation covering companies is voluminous, so ensuring that you comply with the rules and law in your particular situation can be extremely complicated.
SPM Law can help guide you through the maze of corporate red tape, interpreting regulations as they apply to you, and providing assistance in everything from establishment and advice on shareholding to directors’ duties and officers’ obligations. Directors of companies in particular will need to be aware of what is required of them, and how they can become personally liable for the actions of their company.
For example, a director will need advice on whether to buy insurance or how certain documents should be signed. Knowing when and whether a director can bind the company can avoid potential legal entanglements. These are all matters that any director should be cognisant of to ensure that the planning involved in establishing the company is not undone by an inadvertent oversight.
Changing shareholding and shareholders’ rights are also matters where SPM Law can assist you to ensure that shareholders are realising their expectations.
SPM Law has dealt with complex commercial issues and can formulate an effective approach to your commercial matter.