Starting up a business is an exciting time with the prospect of establishing oneself and growing big. A new businessman will need to consider many issues including focusing on their new product or services. However, there is more to starting a new business than just that. There are several legal issues one needs to consider prior to taking this big step. One needs to register their business and also prepare their legal contracts, terms and conditions and policies.
Some of the common tasks for a new business person include:
● Market research
● Preparing a business plan
● Budgeting and forecasting
● Developing a pricing strategy
● Structuring the business
● Being prepared with the business accounting system
● Registration
● Website Development
Hiring a business lawyer Melbourne to guide during the business startup is vital since they have the expertise and experience to assist with legal matters. They can help with risk assessment, legal compliance, drafting legal contracts and the registration of your business. This article explains why a startup should hire one.
Reasons a startup should hire a business contract lawyer
● Having an experienced lawyer by your side is a perfect way to grow your business and make good business decisions.
● A lawyer can learn more about your business and offer expert advice on several matters like taxations, accounting, business contracts, etc.
● They can help prevent future complications and ensure you are legally compliant.
● Besides helping with the business registration process, they can also help register and protect your intellectual property.
● Employee contracts and business contracts need to be thorough and without loopholes. The same applies to confidentiality agreements as well as the terms and conditions. It is best to leave this type of legal documents in the expert hands of lawyers to avoid commercial disputes down the line.
● Taxation issues are something that no business small or big can avoid. The commercial lawyer in Sydney can help a business navigate their way through the tax rules & regulations.
Important facts and statistics
● As of June 2021, there were 2,402,254 businesses actively trading in Australia.
● There was a 3.8% increase in the number of businesses in 2020-21.
● The number of new businesses in the year 2020 was 344,472 while in 2015 were 281,553.
● 97% of all businesses fail due to some reason or the other like lack of planning, bad decisions, not being legally sound and focusing on money.
● To be successful one requires good market research, forecasting, developing smart visions and goals.
● Analyse your competitors and plan assets, liabilities, cash flow, income projects, etc.
● Business lawyers can assist in various sections of the law like contract law, intellectual property, data protection, employees and corporate law.
Common services offered by a commercial lawyer in Sydney
Hiring professional lawyers for your business startup means having experts on your side who can draft legal documents, offer legal advice and also assist with terms and conditions, letters of engagement, NDAs, supply-distribution agreements and more.
Contract lawyers in Sydney will help make your business more secure and also help with access to PPSR or register your property or security interest. They provide essential services to help run your business avoid unnecessary complications, deal with legal issues and protect the interests of your business.
Some of the other services that a business lawyer can assist with include staff training to ensure legal compliance as well as drafting policies and procedures. They can also help resolve or prevent legal disputes and offer litigation services if the need is making it highly beneficial to hire a business lawyer for your business.