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If you can't find the answer to your questionContact Holohan Law

A contract is a legally binding agreement between two or more parties where there exists a promise by the parties to do something in return for something of value. It is a fundamental principle of contract law that each side discloses all pertinent facts and information to the other so that the parties can make an informed decision before entering into a contract. Each side must show good faith to the other.

A recent English High Court case will be of great interest to franchisors and franchisees alike. In MCB Printing and Design Limited –v- Kall Kwik UK Limited [2010] EWHC 624 (QB) the Court held that the provision of negligent advice by a franchisor constituted a breach of a duty of care owed by the franchisor to its franchisee and to potential franchisees.

It might be difficult to consider looking at the current recession and more particularly the dramatic fall in property prices as having any kind of silver lining, but in fact there is one. The result of the dramatic fall in property and assets values is that in some cases, it may now be possible to pass on property or assets to one's children or grandchildren without incurring tax liabilities which might have been incurred during the boom years of the Celtic Tiger when asset values were much higher.

If you are thinking of or have recently set up a new business venture, there may be financial or grant assistance available to help you in your new venture that is completely separate from the run of the mill banking facilities and loans (presupposing of course such loans are available).

Mediation meeting

Mediation is becoming a popular and more economical was of settling disputes in the current economic climate. Litigation may be necessary, however more and more, whether through choice or by the imposition of legislation affecting the area, it is advisable and sometimes even necessary to mediate between the parties. Furthermore given the extraordinary buoyancy of the export industry in a depressed economy, it is necessary to clarify the remedies available to companies in Ireland who have a dispute with an entity based in the EU.

Insolvency Companies Act

On 24 December 2013, the Companies (Miscellaneous Provisions) Act 2013 (“2013 Act”) was signed into law. The main (but not the sole) focus of this Act is to enable small companies to apply directly to the Circuit Court for examinership and the protection it can afford.

Originally, the contents of the 2013 Act were to be contained in the Companies Bill 2012. Due to the size and complexity of the Companies Bill 2012, its enactment is expected to take place later this year and as a result, we got the 2013 Act in an effort to expedite the examinership regime as it is now introduced.

Crossroads to starting a business

Businesses can be carried out as a Sole Trader (just one person), a Partnership or as a Limited Company. Your choice will depend on various issues; some of which are raised below. Essentially principles for Sole Traders and Partnerships are similar with the only difference being that Sole Trader is one person and obviously Partnerships are where there are 2 or more people involved. The single biggest disadvantage to Sole Traders and Partnerships is the personal liability (which is not limited) of the person(s) carrying out that business.