All too often entrepreneurs who start a business or acquire a business overlook the fact that having a documented understanding and agreement with their business partners is a vital part of building a successful business.
Types of Agreements
Business ownership agreements include shareholder agreements, partnership agreements, unitholder agreements and joint venture agreements.
Why Have One?
These types of agreements are important for a number of reasons including:
- estate/succession planning
- tailoring the rights and obligations of the participants including in respect of governance, decision-making, exits (including forced exits, death and incapacity), entry by new participants, distributions, and restrictive covenants
- endeavoring to limit the potential for disputes
- supplementing the (general) provisions of the relevant Constitution, trust deed and legislation
Matthews Folbigg Lawyers have developed questionnaires that can be used to assist those contemplating a shareholder agreement, partnership agreement or unitholder agreement. If you would like free copies of their questionnaires, simply contact Phillip Brophy or Douglas Brown and they will email them to you.
Please contact our commercial law team at Matthews Folbigg Lawyers on 9635 7966 if you would like advice or assistance in respect of preparing or negotiating a business ownership agreement or in respect of any other business related matter.
If you would like to read more about the broad range of commercial law services please visit www.matthewsfolbigg.com.au