Legally Binding Contract

Does A Legally Binding Contract Need To Be In Writing

You may have heard or read the term ‘legally binding contract’, and it may well be that you have sought the advice of your commercial lawyer before previously entering into such a contract in relation to your business.

What the general assumption would seem to be amongst many people, including a lot of business owners, is that in order for a contract to be enforceable that it has to have been written. In other words, their belief is that verbal contracts carry no legal weight, and obligations given verbally are not binding on either party.

That may be the case in other countries around the world, but in Australia, a contract does not have to be in writing for it to be legally binding on all parties. Now, before we go any further, we have to point out that, as with all aspects of the law, especially commercial law, there are exceptions and caveats to what we have just said.

For a start, for any contract to be valid, there are certain elements that must be satisfied. These are:

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9 Things to Consider When Starting Your Own Transport Company

Many people who love driving trucks decide to start up their own transport company. The kind of freight they take may depend on the size of the truck and whether they want to travel interstate, intrastate or just in the same city. No matter what kind of business you start, there will always be the need to do it properly and adhere to the rules and regulations for your industry.

Here are 9 things to consider when starting up your own freighting company.

  • Choose a business structure. Operating as a sole trader is the cheapest option and you can still employ people. Other common options are partnership, company and trust. These take a little longer to organise and cost more, but not all that much.
  • Register for an Australian Business Number (ABN). This is free and only takes around 15 minutes. It is not essential, but there are good reasons for doing so, such as claiming tax credits. You’ll also need to register your business name, register for GST if you expect your GST turnover to be $75,000 or more, get a business or personal tax file number and you may need to register for PAYG.
  • You may also want to register a trademark for your business.

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