Corporate governance is set on policy, internal controls and procedures which form the plan of dealing with stakeholders and company operations such as management, employees, customers, industry bodies and government. Good corporate governance fosters a culture of integrity and leads to a positive performing and sustainable business.

No, but it is strongly recommended that you seek legal advice as the process of buying a business is very complex. A good Corporate lawyer can help you work out if you should buy the assets of the businesses, merge the businesses or strip out the parts that you want. There can be risks when you take on the history of a business, like outstanding workers compensation liabilities, payroll tax or superannuation liabilities so having an experienced and methodical law firm acting on your behalf and carrying out due diligence can save you more than money.

Quantum meruit is a legal doctrine which allows a contractor to claim restitution of a reasonable sum for work and/or services provided. The term quantum meruit translates to ‘what one has earned’. A restitution claim for quantum meruit can generally arise in the following circumstances:

• there’s no contract specifying an amount to be paid;
• there is an express agreement between the parties to pay a ‘reasonable sum’;
• work is undertaken outside of the contract, at the request of the principal; or
• work is undertaken under a contract which is later found to be void or unenforceable.