Structure of a Business

One of the most important decisions business owners need to make is selecting the best legal structure for the business. Effective structuring of the business has many advantages, some being tax minimisation, asset protection and risk minimisation, operational efficiencies, efficient transition of ownership and most importantly maximisation of wealth.

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Professional Indemnity

Under the Property Stock and Business Agents Regulations every Real Estate Business or Independent Contractor is required to hold Professional Indemnity Insurance. Fair Trading requires these entities to be indemnified against specific items eg professional negligence , misconduct etc and it is in the interests of the business to be indemnified against all future misadventures or any malfeasance that may put them at risk. For companies with multiple entities you will need to ensure that they are properly indemnified.

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Checking Contracts For Sale

When receiving contracts of sale for marketing purposes, agents have a duty to check that the contracts they have received are complete documents and they must not market the property until a complete contract is received. Legislation requires specific documents to be annexed to the contract of sale otherwise the purchaser will have the option to withdraw from the contract within 14 days of exchange.

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