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Corporate and commercial law in Australia is a broad area that covers the legal aspects of running and managing businesses and companies. It involves the laws and regulations that govern how companies are formed, operated, and dissolved, as well as the legal relationships between businesses, stakeholders, employees, and customers. This legal field addresses everything from structuring a new company to negotiating complex business transactions and resolving disputes.
There are many situations where individuals and businesses may require legal assistance in the corporate and commercial field. Common scenarios include:
Having a lawyer involved can help you understand your rights, avoid costly mistakes, and protect your interests in business dealings.
Corporate and commercial law in Australia is shaped by a combination of federal, state, and territory legislation. Some of the most important legislative frameworks and principles include:
Compliance with these laws is essential for anyone engaging in corporate or commercial activity in Australia.
A company is a separate legal entity registered with ASIC, limited by shares or guarantee, and can own property, enter into contracts, and sue or be sued in its own name. A partnership is an association of people who carry on a business together, sharing profits, but it is not a separate legal entity.
To set up a company, you need to decide on the company structure, choose a name, register with ASIC, and comply with relevant tax and licensing requirements. You must also appoint directors and understand your ongoing obligations.
A shareholders agreement outlines the rights and responsibilities of company shareholders and sets out processes for decision-making, transferring shares, dispute resolution, and other important matters not always detailed in the company constitution.
Due diligence is a process of thoroughly investigating a business before entering into a transaction like a sale, acquisition, or partnership, to verify legal, financial, and operational information and uncover risks.
The Australian Securities and Investments Commission (ASIC) is Australiaโs main corporate regulator, responsible for administering company law, financial services, and consumer protection related to investments and transactions.
While not legally required, it is highly recommended to consult a lawyer before signing a commercial lease. Leases are complex documents and can have long-term legal and financial implications.
Directors must act in good faith, in the best interests of the company, and for a proper purpose. They must avoid conflicts of interest, act with care and diligence, and not use their position improperly. Breach of duties can lead to personal liability.
Business disputes can be resolved through negotiation, mediation, arbitration, or litigation in court. The appropriate method depends on the nature of the dispute, contracts involved, and willingness of parties to settle.
If a company cannot pay its debts as they fall due, it may be declared insolvent. Liquidation, administration, or voluntary arrangements are possible outcomes, and directors must not allow insolvent trading.
Yes, certain industries face restrictions, and significant foreign investments are subject to review and approval by the Foreign Investment Review Board (FIRB), particularly those involving sensitive sectors.
For further help and information on corporate and commercial law in Australia, the following resources may be useful:
If you need legal assistance in the corporate and commercial field, consider the following steps:
Taking early legal advice can help protect your business interests and ensure compliance with Australian law.
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