If you're thinking about buying a business such as an apartment complex or group of townhouses, you will become a body corporate, also referred to as an owner's corporation. A body corporate designation applies to any business that has a subdivision, so it would also include owners of office complexes. Local Councils require that the owners of a body corporate adhere to regulations regarding things such as the administration of their property and maintaining liability insurance. Body corporate management firms can manage your company on your behalf, and ensure that your business run efficiently. Here are some of the services they can offer you.
Setting Up Your Body Corporate -- These firms can help you establish your body corporate from the ground up. They are trained to help you create your by-laws, inspect your property to ensure that there are no safety issues, obtain property insurance, establish contracts with maintenance professionals, prepare all your business documents and assign you a body corporate manager who will be responsible for all aspects of setting up your business. By using a management firm to set up your body corporate, you are ensuring compliance with all regulations.
Conduct Body Corporate Meetings -- Body corporate management firms can also help you set up your committee meetings, run the meetings on your behalf, keep the minutes of the meetings, and advise you on when general meetings, annual meetings and emergency meetings need to take place.
Financial Management -- To run your business efficiently, a body corporate management firm can also create your annual budget, help you convince your shareholders or board of directors to adopt the budget, ensure that you are paying all your corporate debts, including payroll taxes, help identify areas in which you are spending too much money, advise on ways to reduce your expenditures and keep an accurate record of all your financial statements and bank records.
Property Management -- As the owner of a body corporate, one of your most important tasks is to ensure that all common areas on your property are well-maintained to ensure safety. You must also be responsive to the maintenance needs of your tenants, whether in an office complex, apartment building or group of condominiums. Body corporate managers can offer you property management services, in which they will handle all maintenance requests, including quotes from repair companies, processing work orders and dealing with emergency situations that involve the police, fire department or an ambulance.
Contact a company like R. Jackson Pty Ltd if you have specific questions about body corporate management.