Do you have an idea for a new business venture, but do not know how to develop or convert that idea into reality?
Starting up and running a commercial business can be a challenging and time-consuming procedure. Adequate planning is a key factor in transforming your dream into reality. Without the proper identification, negotiation and execution of the many legal and commercial issues that arise when starting up a new business; many individuals or groups will fail at the outset.
At Rockliffs Lawyers, our team of specialised business and commercial lawyers offer a range of business advisory services which are fundamental to the management of a ‘startup’ business or company.
So why not let Rockliffs take care of the legal side of your business, so you can focus more on running or developing your business?
Things to consider when starting a business
1. Conducting research into the feasibility of your proposed business and then developing a business plan for your business. The business plan is essential for your business and sets the direction for your business and keeps you on track once you are up and running. It is also a requirement when you are seeking finance;
2. Whether your proposed business requires a licence or government permit. This can be done by researching on the Business Licence Information Service (BLIS). BLIS is a free service and can assist you with deciding the type of licences or government permits your business may need.
3. Researching if there are any grants or financial assistance available for your type of business and then applying for grants and financial assistance (from the Australian Government or other sources);
4. Seek advice from your lawyer, accountant and financial adviser as to which business structure you should use. Some common structures include Sole Traders, Partnerships, or Companies. For more information on business structures, click here.
5. Seeking advice from your accountant to assist you to understand your taxation obligations;
6. Whether you require finance to assist you with starting the business, and if so, where the finance is to be sought from? Will you borrow from a regular bank or are you seeking an investment from a venture capitalist or crowd funding?
7. Writing a Marketing plan and/or seeking advice as to how to market your business; and
8. Arranging Insurances for e.g. Work, Health and Safety, Public Liability, Product Liability and Business insurance. If you are working from home, you should also seek advice as to whether your home and building insurance cover are sufficient for your assets and revenue.
You should also consider seeking legal advice on:
1. Your obligations to your employees and setting up employment contracts;
2. Preparing Terms and Conditions for your contracts with suppliers, contractors etc;
3. How Invoices should be prepared and to whom the invoices should be addressed and issued to. This is a common mistake made by business owners whereby business names (as opposed to individual proprietors or registered companies) are often invoiced. However, a business name is not a legal entity and therefore cannot be sued, and people often have difficulty enforcing a debt.
4. Confidentiality Agreements to be entered into to protect your trade secrets and unique creation with suppliers, manufacturers, consultants, etc to protect your intellectual property.
5. If you are choosing to use either a partnership or joint venture agreement as your business structure, an agreement detailing the terms and conditions of the partnership or joint venture agreement with a view to minimising disputes between business partners which may arise in the future.
6. Seeking advice from an Intellectual Property Lawyer as to whether you need to register a trademark or a patent, whether you need copyright protection as well as advising you on how to adequately protect your intellectual property including ideas, trade secrets and unique creations;
Rockliffs Lawyers in Sydney are experienced in providing advice businesses and can guide when you embark on your journey of setting up a new business!
Types of New Business Structures
Choosing the right business structure is crucial when setting up a business.
The most common business structures include:
- Sole Trader
- Joint Venture
- Limited Liability Company
- Public Company
For more information on business structures, click here.
How can we help?
If you are intending to set up a new business, Rockliffs lawyers can advise you as to the most effective way to structure the business, whether to incorporate and or in respect to partnerships and joint ventures. There are advantages and disadvantages to consider for each option, including the level of risk involved with each.
Our team at Rockliffs Lawyers in Sydney will be able to advise you on legal differences between the different types of business structures and guide you in selecting the most efficient and tax-effective business structure when setting up your new business.
If you decide to set up a company or trust, our business lawyers can arrange a swift and efficient incorporation on your behalf using one of our corporate partners. We can complete all the necessary paperwork for you and will also provide referrals in relation to any Company Secretarial needs that you might have. We will also assist you with the appropriate regulatory checks in the selection of your business name.
So what are you waiting for? Give Rockliffs Lawyers a call today!