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Frequently Asked Questions
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How do I decide which business structure is best for my business ?
You have to look at the objectives of the business, the tax structure you want, personal liability etc.
Please note: You must get professional advice from a lawyer and/or accountant about this.
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Can companies be deregistered ?
Yes. Companies that have stopped operating can voluntarily deregister. The Australian Securities and Investment Commission (ASIC) can also deregister a company that has breached the Corporations Act.
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If a company goes under and leaves debts behind, what property is available to meet the debts ?
Because of the limited liability of shareholders, it is usually only the company's assets, plus any money owing on shareholdings.
Please note: Directors may also be personally liable in certain circumstances.
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Are new partners equally liable for the actions of the partnership before they joined ?
No, unless this this is part of the agreement under which they joined.
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What about a partner who has left the partnership ?
A retiring partner is liable for actions taken by the partnership whilst they were a partner, unless there is a specific agreement to the contrary.
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If I only have enough money in the bank account to cover part of a cheque I have written, can the bank pay out for that amount ?
No. The bank can only pay out the full amount of the cheque, or not at all.
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Isn't it better to enter into a periodic tenancy agreement for my shop in case the business fails ?
That might seem like a good idea on the face of it, but remember, you tend to build up goodwill in a particular location, and if you don't have a fixed term lease, you may be evicted with a month's notice and lose all the goodwill you have worked to establish.
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Is an assignment of a lease the same as sub-letting ?
No. It's better to be able to assign a commercial lease, because sub-letting means you are still responsible to the landlord for the term of the lease.
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Who owns the copyright of products developed by employees ?
If the work is created in the course of employment, the copyright is owned by the employer.
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Is there a law that regulates franchises ?
Yes, the Franchising Code of Conduct was introduced in July 1998. It sets out rules in relation to disclosure, the franchise agreement, processes for dispute resolution etc.
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