Why Would You Need Business Legal Advice?
Running a medium-sized or small business can be a challenging endeavour, and there are a multitude of reasons to seek legal advice for business dealings. In these circumstances. It is important to find a great commercial lawyer / business lawyer and seek counsel. This article will look at a few important areas where good business legal advice can save you time, money and stress further down the road.
Types of Business legal advice
The knowledge and experience offered by a good business lawyer is extremely beneficial throughout all stages of an enterprise, from startup to sale. Your business lawyer can offer you peace of mind, knowing that your business is legally sound and ready to meet any challenges along the way.
Throughout the lifetime of your business, there are numerous circumstances in which you might seek legal advice. Choosing a law firm with a broad base of business law experience can cover you across multiple possible situations.
1. Setting up a business
Getting good legal advice for business startups can save a lot of hassle down the line. Choosing the right legal structure for your business is a vital first step. A startup lawyer will help you determine the best structure for your goals and assist with getting everything set up. They can help advise on the tax, liability, and regulatory implications of each option.
GP Legal are ASIC Registered Agents with the capability to complete all steps in setting up a new business, as well as providing legal advice for business in general.
2. Drafting and reviewing contracts
A business contract lawyer will help draft contacts for your business, or review contracts from other businesses or organisations. Your contract solicitor will help ensure that contracts are;
- Legally enforceable.
- Clear and unambiguous.
- Fair and compliant with Australian contract law.
Contracts form the record of the agreement, responsibilities and liabilities between the involved parties. They are used in almost every area of business, including;
- Commercial lease agreements. Lease solicitors will help you draft or understand your commercial lease agreement (which are a form of contract).
- Employment contracts. Drafting employment contracts that protect both your business and your worker’s rights.
- Supplier/customer agreements. Drafting contracts that outline the rights and limitations for any exchange of goods or services.
- Shareholder or partnership agreements. Developing shareholder or partnership agreements that clearly articulate each partner’s role, responsibilities and ownership.
As contracts touch on so many elements in business, a business contract lawyer is commonly your most frequently used legal professional. Seeking good legal advice for business contracts can ensure you have the right foundations for all areas of business operations.
3. Tracking Industry Regulations and Maintaining Compliance
There are many areas of the law which require compliance;
- Corporations law which outlines the rules and regulations for running companies (everything from small business to major corporates). Managed by the Australian Securities and Investments Commission (ASIC).
- Consumer Protection law managed by the ACCC (Australian Competition and Consumer Commission).
- Tax law managed by the Australian Tax Office (ATO).
- Industry-specific laws managed by organisations such as the Therapeutic Goods Administration (TGA), or Australia Prudential Regulations Authority (APRA)
Additionally, the role of a good business solicitor is not only to understand the law as it is now; they must follow changes to the law and understand how these may affect their clients.
GP Legal can provide general business law advice across a wide spectrum of industries. Additionally, we are ASIC Registered Agents and can manage all aspects of ASIC compliance for companies.
4. Commercial Litigation and Business Disputes
Commercial Litigation occurs when two or more businesses or companies are involved in a dispute. Good legal representation for businesses involved in litigation is highly advisable to provide the best chance for a positive outcome.
A commercial litigation solicitor can help:
- Resolve disputes through negotiation or mediation
- Represent you in court or tribunals
- Enforce your legal rights
When your business becomes embroiled in a conflict or legal dispute, it is advisable to get professional legal advice as early as possible, so your rights are best protected.
Additionally, at the heart of many commercial disputes an alleged breach of Contract is involved. As such, it is beneficial to use an experienced contract lawyer to draw up your business agreements and contracts.
GP Legal are experienced commercial litigations solicitors and contract lawyers. We can assist from the time you are just opening negotiations through to seeking representation at an upcoming court appearance.
5. Understanding Employment Law
If your business employs staff, you’ll likely want to speak with an Employment Law firm at some stage. Employment lawyers have an understanding of Australia’s strict employment laws under the Fair Work Act 2009 and associated legislation. Your employment lawyer can assist with a range of workplace matters, including;
- Ensuring you comply with the National Employment Standards (NES).
- Managing employee rights, such as wages, leave and termination.
- Handling disputes, redundancies, or unfair dismissal claims.
The Fair Work Act 2009 is a large piece of legislation with considerable penalties for getting it wrong. A good employment lawyer will help you avoid the pitfalls and ensure you are compliant with your workplace relations.
6. Debt and Business Insolvency
If your business is struggling financially, it’s good to have a business insolvency solicitor on your side. They can advise on ways to restructure your business, assist with creditor negotiation, or help avoid trading whilst insolvent.
7. Business Acquisitions, Sales and Mergers
It is important to speak with a commercial lawyer if you are considering buying or selling a business. This can be vital in ensuring a smooth transition from the old to new business owners, as well as avoiding unpleasant unexpected surprises.
Mergers are more commonly thought of as relevant only for large corporates. In the realm of small and medium businesses, however, forming business partnerships are close to what could be considered a “merger”. Seeking legal advice for business partnership agreements helps ensure there are no uncertainties or misunderstandings from the beginning. GP Legal can help draw up partnership agreements for such ventures.
8. Intellectual Property
Working with a commercial lawyer can be a smart decision If protection of intellectual property is important to your business. Registering IP such as trademarks, patents or designs helps protect these valuable assets. Your law firm can then draft agreements for the assignment or licensing of those IP right, or help enforce the rights should they be infringed.
GP Legal can provide general business legal advice on IP matters and refer you to a suitable specialist IP lawyer should it be required.
9. Cybersecurity and Data Privacy
Data privacy and cybersecurity are becoming even more important in today’s business landscape, especially if you are online. Speaking with a business solicitor regarding your cybersecurity and privacy compliance will help protect you and your customers.
10. Tax Compliance and ATO
All businesses need to interact with the Australian Tax Office (ATO) at some point. A business law firm can help you negotiate the sometimes-complex tax laws we have in Australia. Your business tax lawyer can also help you with any business restructuring to minimise risk, or in the case of any ATO audits or disputes.
GP Legal – Northern Beaches Solicitors
We are a Sydney Northern Beaches law firm based in the suburb of Dee Why. We provide legal advice for business across a wide range of commercial matters, and can happily provide references to other specialist law firms when specific expertise is required. Please contact us for any form of business law advice – we are here to help.