Some of the matters that may need attention are as follows:
- Sole trader
- Partnership: Do you have a partnership agreement? When was the agreement last updated?
- Company: Is the Constitution up-to-date? Do you understand your director’s liabilities?
- Trust: When was the Trust Deed last updated?
- Joint Venture: When was the agreement last updated?
- Other - such as Unit Trust Arrangement or Partnership of Trusts.
- Whether business arrangements are evidenced by written agreements?
- Where are the written agreements located?
- When were the agreements last reviewed?
- Is there an exit plan in case of a change in circumstances?
- Is there a succession plan for your retirement?
- Are your premises rented or leased and in whose name?
- Do you have a written lease?
- Do you have any options if you want to further a term?
- When does your lease expire?
- Where are the lease documents located?
- Have you provided personal guarantees, bank guarantees or bond?
- Are you a lessor? If so, do you know:
- Whether you are obliged to provide a Lessor Disclosure Statement?
- When your rent reviews are?
- How the rent is to be reviewed?
- What your obligations are in relation to outgoings?
- What your obligations are in the event of a proposed assignment by the lessee?
- What are your obligations in relation to Building and Safety Checks?
- Do you have a superannuation fund?
- Do you know the location of the trust deeds?
- Who is the trustee?
- Who are the members?
- Is it a self-managed fund?
- Have you considered using a self-managed fund to acquire property?
- Do you have any leases for your plant or equipment?
- Do you know where these documents are located?
- Do you know when they expire?
- Is there a residual payment? If so, can this residual be rolled over?
- Have you provided any guarantees?
- Can you buy the equipment at the end of the lease term?
- Are you a hirer or lessor? If so, have you considered the impact of the Personal Property Securities Act 2009 (Cth)?
- Do you have insurance cover? If so, do you know what policies you have?
- Do you know what the policies cover and if they are adequate to protect your business?
- Have you had the policies checked against the insurance requirements contained in any lease document?
- If necessary, have you had the interests of third parties taken into consideration?
- Have you considered life insurance to protect the equity of a deceased director’s family?
- Have you considered income protection insurance?
- Have all relevant matters been disclosed to the insurer?
- Do you have product liability insurance?
- Do you have public liability insurance?
- Do you have professional indemnity insurance?
- necessary consents and disclosures?
- Do you regularly review your advertising and promotional material to ensure that these do not mislead or deceive customers?
- Is your business at high risk of litigation?
- If you have partners, do you have a partnership or shareholders agreement?
- Does your partnership agreement adequately deal with succession issues and buyouts?
- Do you have restraints of trade and confidentiality agreements?
Trade Creditors and Debtors
- Have you provided personal guarantees for trade accounts?
- Do you request personal guarantees from debtors on trade accounts?
- Do you provide product warranties?
- Do you have a standard agency agreement?
- Have you reviewed any retention of title clauses or any other security which is now covered by the Personal Property Securities Act 2009 (Cth)?
- Do you have any existing terms for payment of your invoice?
- Do you have any existing debt collection procedure?
- Do you have any trademarks, patents, design registration or copyright disclaimers?
- Have you secured your web name or URL?
- Is the content of your website copyright protected?
- Are your logos trademarked?
- If you have a business name, is it registered?
- Does your business produce ideas, artwork, music or other creative material? If so, have you considered the use of Confidentiality Agreements, Licence Agreements or Agreements for the Assignment of Copyright?
- Do you need to protect your intellectual property rights used in social media?
- Have your employment contracts been recently reviewed?
- Do your employment contracts comply with the Fair Work Act 2009 (Cth)?
- Are you familiar with the relevant employee awards or enterprise agreements?
- Do you have in place anti-discrimination, grievances and harassment policies and procedures?
- Do you know your obligations pursuant to the Occupational Health and Safety Act 2004 (Vic)?
- Are you liable to pay payroll tax or fringe benefits tax?