If you are in the process of launching your own business, you are likely to have your hands full with planning products and services, organising finance and networking with prospective clients. Seeking the services of commercial lawyers can help prepare or even prevent unpleasant surprises like lawsuits and infringement. As you work hard towards getting your business off the ground, the last thing you need is to have to shell out valuable dollars towards legal expenses which could have been avoided by being prepared beforehand. In other words, hiring the services of a business lawyer could be a proactive step towards protecting your business from loss of reputation and monies.
Firstly, a trained commercial lawyer can help answer queries and doubts about starting a business in Australia. In addition, he or she can also help you decide if your company should be a corporation or a LLC (Limited Liability Company). These questions regarding business setup and start-up can be daunting for many first-time entrepreneurs. When you are just starting out with your own business, every decision contributes towards making the business a success. For example, LLC and corporate structures are taxed in different ways. A lawyer will help you understand the unique features of each type of business structure and this way, you can choose the structure that corresponds to your unique business requirements.
If you are not sure about which way to go, it’s a good idea to get your doubts and questions clarified by speaking to a certified legal expert. They will examine your business requirements and assess your needs and suggest the best options available to you. You will also need to register your business and apply for your ABN (Australian Business Number) and so on. Your lawyer will guide you through every step of the way and you do not have to worry about neglected or missed procedures.
Choosing the structure of your business can play a major role in determining success in later years. An experienced commercial lawyer can help you through the decision-making process, help process the paperwork as well as file for necessary permits etc. information regarding paperwork and processes can be conflicting and may often be outdated. The legwork involved in starting a business can often seem intimidating and hiring a lawyer can help reduce stress.
Sometimes, you may have already started a business and may wish to change the structure at a later stage. If you have made a poor decision, your lawyer can help you change the structure of your business within the framework of Australian law. Discussing the advantages, disadvantages, financial and legal implications with your business lawyer will help you make educated and informed decisions.