A partnership is a business structure in which the business is owned and operated by two or more business partners. In a partnership, management of the business is shared. Unlike as a sole trader, all partners are responsible for the debts and losses of the business. This means one partner can be
Pivot, Plan and Prosper | Grant Game Changer
The Small Business COVID-19 Adaption Grant was announced yesterday and offers small businesses up to $10,000 from the Queensland Government to fund a wide range of business projects and expenditure. Unlike most government grants which focus on specific types of projects the range of services and
What is a Sole Trader?
A sole trader is probably the simplest and lowest cost of the business structures. As a sole trader you are responsible for all aspects of the business - including any profit the business may make, but also for any debt or losses. If your business becomes insolvent, then you can be personally liable
Starting your startup
We get it. Starting your own business can be daunting. While you are juggling planning your business and trying to get it off the ground, getting the right legal support team in place is probably the furthest task from your mind. But, it’s actually really important. Getting your legal business
Name Registration Does Not Protect Your Brand
It’s a common misconception that registration of a business, company or domain name grants ownership and exclusive use of the name as a form of brand protection. The registration of a business, company or domain name does not automatically grant any proprietary ownership rights in the name. At
Startup Checklist
Starting out is not easy. Here is our startup checklist to help get your ducks in a row: Preparing a business plan – this is a really important document to flesh out your ideas, the market, and strategise how you will keep your business afloat in the first few years. Your business strategy
Incorporated Associations: What are they?
In Australia, there is close to a million not-for-profit organisations. These organisations come in various forms and sizes. A common type of not-for-profit organisation is an incorporated association, and these are set up and managed by the laws of each state or territory. You may also come across
What is Intellectual Property?
Your intellectual property (also referred to as ‘IP’) will play an essential role in your business's success. Most startups have a large portion of their value embedded in their IP - the new ideas, the new inventions and the new ways of doing things. Simply creating IP does not actually mean that
What is a Lease?
A lease is a legally binding document between a tenant (known as the lessee) and a landlord (known as the lessor). A lease allows a tenant to occupy an area - like a whole building - or a part of an area - - like a shop front in a shopping centre – which are usually known as the premises. It is
How do I collect unpaid invoices?
Would you be struggling if your clients didn’t’ pay you all the money you are owed? Unpaid invoices are more than a slight inconvenience, especially when funds are tight and there isn’t much wriggle room to accommodate late debtors. Not being paid can put unnecessary stress on you and your
Employment Contracts: The Fundamentals
An employment contract is a legal agreement between an employer and an employee. It sets out the terms and conditions of the employee’s employment. Although contracts can be verbal, they are best to be placed into writing as without a written or signed document, it can be difficult to resolve
Tax Tips for Startups
Tax. It can be a stressful time, particularly at the end of the financial year. Unless you are a tax accountant, sorting out your taxes can seem like a monumental and overwhelming task. As most startup owners are not tax experts, there is a significant risk of making a mistake when first starting