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Tapping into Advisory Boards

Wednesday, November 28, 2012

Every owner of a small to medium sized business (SME) can benefit greatly, both on a personal and professional level, by appointing an Advisory Board, as Kim Mei-Li Dennis, the chair of SME Boardroom explains.  

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Legal Strategies to Improve Productivity, Sales & Profitability

Wednesday, November 28, 2012

Strategies to improve your productivity, sales & profitability as well as minimise legal and commercial risks in your business include:

Introduce template agreements in order to streamline your processes, improve communication & minimise mistakes

Protect your intellectual property in order to increase the value of your business & protect your reputation in the market

Ensure your business structure is set up properly to protect you legally, minimise tax and to allow for growth

Consider incentives, equity and other programs to retain your valuable staff and motivate performance

Ensure your advertising & marketing programs are designed to maximise sales with minimum legal risk

See our legal checklist for more ideas to take your business to the next level!

If you need assistance with any of the legal strategies above, please let us know.

Current as at December 2010.


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Relief from Regulatory Requirements

Wednesday, November 28, 2012

Are you looking for ways to reduce your company's ASIC compliance burden and red tape? Great news! The Corporations Legislation Amendment (Simpler Regulatory System) Act 2007 came into force on 28 June 2007.

As a result of some of the changes, your company:

- may now pay its annual review fees in a lump sum for an extended period;

- may choose whether to mail out its annual report, or post it on its website;

- may not need to lodge a financial report with ASIC if two of the following three tests apply:

1. Its consolidated revenue for the financial year is $25 million or more (previously $10 million);

2. The value of its consolidated gross assets for the financial year is $12.5 million or more (previously $5 million); or

3. It has 50 or more employees.

- no longer has to notify ASIC of retirement or resignation of officeholders if the officeholder has informed ASIC themselves;

- may specify a contact address for ASIC which is different from its registered office;

- may register changes electronically with ASIC

Please contact us for assistance with your company's legal needs.

Current as at 2007.



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Middle Management must be Above Board!

Wednesday, November 28, 2012

The Corporations and Markets Advisory Committee (CAMAC) has released a Corporate Duties Below Board level report which recommends that many of the obligations an dprohibtions currently imposed on corporate directors and secretaries by the Cororations Act should be extended to apply to other involved middle management staff. 

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Tips for Buying or Expanding your Business

Wednesday, November 28, 2012

When organic growth just isn’t fast enough, an alternative business expansion method is to purchase an existing business. This can quickly complement your existing business with new staff, new products and new clients.  

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Directors of Trustee Companies Beware!

Tuesday, November 27, 2012

The issues relating to personal liability of a director of a trustee company are still unclear since the SA Supreme Court decision in Hanel v O'Neill. The impact of the decision is that directors of corporate trustees are effectively guarantors for any liability entered into by the trustee. As such, directors of corporate trustees are now exposed to a greater potential for personal liability than other company directors.  

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Risky Partnerships

Tuesday, November 27, 2012

A partnership is a relationship between persons carrying on business in common with a view to profit. It is a continuing business between persons in a fiduciary relationship. A joint venture involves a single project that is limited in duration rather than a continuing business. Venture participants are cooperating as separate entities rather than taking part in common business. Partnerships can be risky as in most cases partners are open to unlimited liability for all financial obligations of the business, even if the debts are incurred by the other partner without knowledge or consent. It is important to have a written partnership agreement which covers: 

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Directors' Privacy Responsibilities

Tuesday, November 27, 2012

The Australian Institute of Company Directors and the Office of the Federal Privacy Commissioner have recently released a guide entitled, ‘Privacy & Boards: What You Don’t Know Can Hurt You’. It points out that directors have a duty of care and may be held accountable for a company’s failure to comply with privacy principles.  

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Could Your Business Run Without You?

Tuesday, November 27, 2012

If you are a director, partner or sole trader, the appointment of a Power of Attorney should be a routine part of your business planning. There should always be someone authorised to manage the business and its affairs if you are suddenly unable to do so.  

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Jungle Management acts as legal counsel for high growth businesses in sales, marketing, advertising, media & technology.

Legal Checklist for Sales, Marketing & Advertising launched ...Download here »

Kim Mei-Li Dennis interviewed by Hunter Business Insider ...Click here »