Legal Issues When Starting A Business

Legal Issues When Starting A Business

I want to set up my own small business.

These words I hear a lot as a commercial lawyer working with small business clients.

We get quite a lot of calls from prospective clients who have a good business idea and want to take it to the next level.

We work with them and their accountants to flag the relevant risk and taxation and accounting and general business advice that they will need to consider in these early days.

Typically we get them in for an initial consultation, which I informally call Startup 101 so that we can collectively map out a way forward for the first twelve months of their business. I call this their legal business plan.

We believe in foresight and preparation and research as really important issues in any small business creation plan.

Legal Issues When Starting A Business

Yes the word plan keeps coming into play repeatedly.

Successful business ideas have plans attached to them – written plans.

I am always impressed when a client can pull out a written document. It doesn’t have to be anything fancy. However it does show that they have given their business some clear thought.

Bank managers and accountants also get impressed by clear business plans.

I am also impressed when clients have operationalised the key issues that will form part of their start up. By that I mean teased out all the things that need to happen to get the idea off the ground in a nuts and bolts sense.

Add to this a budget and a marketing plan and I then get really impressed just quietly as the professionalism of the proposal and what they want to do really shines through.

Legal Issues When Starting A Business

Legal Issues When Starting A Business

Dont worry if you don’t have a business plan yet.

Just start writing words onĀ  piece of page that describe what your idea is and each day over a week add to it. At the end of the week you will have a solid base for a business plan.

Our advice is do one now, the sooner and the better and my firm view is that everyone thereafter will treat you like a professional, especially your bank manager when you ask them for an overdraft.

Anyway once you get to us – the sort of legal issues we like to flag with you will include

the business structure you want to use

what premises you will be using

branding and trade mark issues

employment and contractor issues

term and conditions creation

business to business contracts

The above will be sort of legal things that will be immediately relevant within the first month to twelve month cycle of your small business.

Here is a link to an earlier piece we also did regarding the sorts of issues facing small business from a legal perspective.

Click Here

There is also here another link to some helpful information on starting up a small business from ASIC below.

Click Here

Call us on 9528 0235 for an obligation free chat regarding your small business idea.

We have two handy offices in Jannali in the Sutherland Shire and in Crows Nest on the lower North Shore

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