17th May, 2024
Are you planning to launch your own business but don’t know where to start? Beginning a business venture requires significant time and planning so a corporate lawyer can be an invaluable resource to have by your side during this process. A corporate lawyer can offer tailored insights addressing your business needs, spanning from business structure to commercial leases and everything in between.
Firstly, selecting the right business structure is crucial and will depend on the business’s needs. Common options include Sole Trader, Public Company, Partnership, Joint Venture, and Limited Liability Company.
After determining the business structure, the next steps are as follows:
- Registrations: Obtain a business name, Australian Business Number (ABN), and register for Goods and Services Tax (GST), PAYG withholding, and liability insurance.
- Legal Checks: Ensure compliance by checking the Personal Property Securities Register (PPSR) and obtaining necessary permits like Council consent.
- Documentation: Draft essential legal documents such as partnership agreements, employment contracts, and privacy policies to prevent future disputes.
- Compliance: Stay ahead of legal standards concerning employment, safety, competition, and consumer laws to avoid penalties.
Beyond the basics, some additional factors to consider are:
- A Marketing Strategy: creating a marketing plan can help promote your business effectively.
- Insurance Coverage: arranging the relevant insurance coverage is crucial to protect your business, for example, Public Liability and Business Insurance.
- Employee Obligations: Establish clear employment contracts and terms with your workforce.
- Contractual Agreements: Prepare comprehensive terms and conditions for contracts with suppliers and partners.
- Intellectual Property Protection: Safeguard your intellectual property with confidentiality agreements, trademarks, patents, and copyrights. The team at Castrikum Adams Legal can help protect your products and/or logos from being replicated.
Embarking on the journey of starting a new business can be daunting, but with the right legal guidance and preparation, you can navigate challenges with confidence. Castrikum Adams Legal is here to provide the legal assistance you need to turn your entrepreneurial dreams into reality. Let’s embark on this exciting adventure together!