Starting a small business of your own can be incredibly exciting—and terrifying! Confidently set yourself up for success with advice from a lawyer.
What kind of lawyer?
For most legal issues that arise in small business, you will need a lawyer who works with small to medium enterprises (SME)—an SME or business lawyer.
Top tip: If you have a complex matter, you may need a business law accredited specialist. Just look for the symbol next to their name.
When to seek business law advice
You can benefit from business law advice at every stage of your venture, such as:
Start-up
You've got a great idea: where do you start? Do you register a business name, or a trading name? What about ABNs and ACNs? And GST—when do you need to register for that?
Getting start-up advice from a business lawyer means you can rest assured you have thought of everything—and can confidently focus on doing what you do best, whatever that may be!
Structure advice
Choosing a business structure is deceptively tricky.
Whether you operate as a sole trader, partnership, company, or trust means more than just a title on your business cards. It means a whole host of different obligations (and responsibilities) placed on you, depending on which structure you choose.
Do you know the tax and personal liability obligations of each structure? What about the impact on your succession plan (that is, what happens if you die unexpectedly)? How do your obligations differ as owner or director? Can you even sell the business if you need to?
Speak to a business lawyer today for all the information you need to make the right decision—for you and your business.
Growing your business
The time has come to expand—that might mean moving to bigger premises, starting up trade with overseas manufacturers, signing contracts, changing structures, or any number of other things.
Make sure you are prepared. Speak to a business lawyer before you make any big business moves. It may mean the difference between a business that grows and innovates and one that never reaches its full potential.
Employee and contractor issues
If you want something done properly, do it yourself, right? Unfortunately, you can’t be everywhere and do everything, so eventually every small business needs a little help.
Getting it right when it comes to employees and contractors is crucial to your business’ longevity, reputation, and brand. To make sure the business side of things is kept up-to-date, speak to a business lawyer whenever you make a change to your workforce.