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Business Ownership — preparing your exit strategy

It is common that an aspect of a business owner’s retirement plan is to sell the business and to use the proceeds to fund their retirement. It is important that thought and planning be given to the “exit strategy” so that when it comes time to sell the business, it is in the best shape. This is particularly important in...

Franchising – what’s in the fine print?

Despite being prevalent throughout New Zealand, there is no legislation that governs or regulates franchises, with the result that there is no requirement for the terms of a franchise to be fair and reasonable. What is a Franchise? Every franchise should be a replica of the Franchisor’s business, therefore giving customers of the franchise a consistent experience. The Franchisee gains...

Co-ownership agreements

You should always protect your investments as best you can and your entry into a new business venture is no different. Any new business always starts with good intentions and hope for a positive outcome. However, no matter how strong the bond between you and your business partner(s), every relationship goes through its ups and downs and you should try...

Have You Got the Right Lease?

It is probably fair to say that most small businesses do not own their own premises and, in such situations, it is necessary to “lease” premises. An Agreement to Lease (ATL) is usually the preliminary document, prepared by a commercial real estate agent, that contains the basic information agreed on by the Landlord and Tenant. The formal Deed of Lease...

Expect the best, plan for the worst and prepare to be surprised

It is important for every business to have formal Terms of Trade. When comparing large businesses to small, it’s fair to say the larger the business the more likely it will have written Terms of Trade. While there may be some who have operated for a substantial amount of time without written Terms of Trade and have never had cause...

Where there’s a will, there’s a way

On death a person’s assets form their “estate” which is subject to the wishes or intentions of the deceased’s Will or if they do not have a Will by the “rules on intestacy.” While many would acknowledge that they should have an up-to-date Will, it is surprising how many people do not have a current Will or one at all....

Pro Legal

New Bill to manage Meth contamination

On 23 May 2017, the Residential Tenancies Amendment Bill (No. 2) was introduced to Parliament. This Bill proposes amendments to the Residential Tenancies Act and is significant as it seeks to, as stated by Nick Smith MP who introduced the Bill, to “ensure our tenancy laws better manage methamphetamine contamination, liability for careless damage and the tenancy of unsuitable properties”....