A lot of planning goes into opening your own business. Whether you’re running a small IT company or launching a beauty spa, there are many aspects to consider. And experts recommend that you don’t forget to acquire a business lawyer too.
You may argue that it’s not necessary to enlist an expert for a start-up that has a simple business plan with low risks. However, it’s essential to understand that the business lawyers Melbourne companies consult with, strive to prevent incidents before they happen.
Here’s Why Your Business Needs a Lawyer from Day One
Unlike larger companies, your small business doesn’t have to retain a team of experts from day one. Still, to ensure that your company starts on the right footing, it’s important to start with a simple consultation. There are a few reasons why you should do this.
1. Have a Connection in Place
A business lawyer isn’t someone who’s going to set up an office on your property and be involved in the day-to-day running of things. However, finding a lawyer is as important as finding the right plumber.
While you may not need their services every day, it’s good to have them on the back burner. If you need them, you don’t want to spend hours or even days finding the right person to deal with your issue.
2. Double Check Compliance
If you’ve decided to start your own business, it means you believe you’re an expert at the product or service you’re offering. But that doesn’t mean you’re clued up with current business, property or employee compliances.
Not being compliant with your state’s business laws will leave you vulnerable to fines and can result in the temporary closure of your company. Your business lawyer will be able to ensure that your business is compliant and has the necessary permits.
3. Set Up Employee Contracts
If your business is going to have employees, it’s essential to set up legal contracts for them. Doing this will serve three main purposes:
- Establish the basis of the job function, detailing expectations and remunerations
- Give your company a better legal footing during potential disputes and lawsuits
- Safeguard company assets and ensuring that employees may not legally take your data or product information with them when they leave your employment
4. Assistance With Vendor or Supplier Contracts
Most small businesses rely on third party vendors. It may be to supply your business with the raw materials needed to create your product. Or it may be the transport required to ship your finalised product. A let-down by one of these suppliers can have devastating effects on your relationship with your clients.
Your business lawyer will assist you in drawing up contracts that detail what will be done, by whom and when. These types of contracts make it easier to resolve disputes.
5. Property Related Issues
There’s one thing that property lawyers Melbourne companies use know all too well, and it’s that your premises is vital to your success. You need help from a lawyer to:
- Setting up lease agreements with building owners
- Assisting with disputes regarding property maintenance and compliance issues when a landlord seems to be ignoring his responsibilities
- Being involved in potential rental increases to ensure they are above board and within industry standards; this will ensure that an overzealous landlord doesn’t “bully” an inexperienced small business owner into an above-average rental increase
6. Potential Lawsuits Against Your Company
The cost of a simple lawsuit can have dire consequences for your start-up’s cash flow. Lawsuits can come from unhappy customers, employees and even product suppliers.
Whether your company is in the wrong or not, you still need to go to court and present your company’s defence. Since the average start-up owner isn’t a legal expert, you’ll have to hire a business lawyer. In these instances, it’s always better if you already have someone that’s familiar with your company.
7. Assistance With Tax Compliance
While it’s true that you can get information regarding tax compliance online, it’s always better to have a professional guide you. After all, your business is at stake if there’s an error on a tax return or an issue of non-compliance arises.
8. Guidance in Potential Partnerships or Mergers
In the early days of running a company, your focus may not be on setting up partnerships. You may also have no interest in merging with anyone or acquiring any other companies. However, as your business evolves and your brand grows, different business opportunities may present themselves. When this happens, you’ll need a business lawyer to ensure that any potential changes to your business structure are legal and beneficial to you.
When it comes to running a successful and sustainable business, it’s crucial to have the right business lawyer in your corner. That way you’ll be assured that all your contracts, agreements and actions are both legal and compliant. Give yourself some peace of mind by ensuring that the legal aspect of your business is taken care of!