5 Reasons Why You Need a Lawyer when starting a Business
Congratulations you have decided to start a business, it’s a bit daunting but an exciting new journey which can be an enriching experience, albeit hard work. When you start a business the two professionals you will want by your side initially is an accountant and a lawyer. A good business lawyer will provide vital assistance in almost every aspect of your business. Many new businesses vastly underestimate just how much help they’ll need from a lawyer. There are many reasons you will need a lawyer, especially depending on what type of business you are launching. You will also want to make sure that your lawyer and law firm specialise in business law to ensure you get the advice and assistance you need. Below are a few reasons why you should engage a lawyer when starting a new business.
A Good Business Lawyer Will Protect Your Interests
Many start-up business owners simply don’t understand all the legal requirements involved in starting a company. A good lawyer will always protect you from the many pitfalls and legal issues that may arise but more importantly, they can keep you informed of what you need to know and do to minimise any legal risks.
Will help you with buying your business (if not a start-up)
If you are planning on buying a business rather than starting one, you’ll need to make sure that due diligence is done, and all paperwork is comprehensively and carefully completed. Alongside this, you may also require assistance and guidance through any commercial property purchase or leases.
Help with employees
As your business grows, you’ll start hiring employees and contractors which will present challenges to any new business. A lawyer can help with employment contracts, counselling on any employee issues, help draft terms and conditions of trade, including restraint of trade. A good business lawyer will also assist with any health and safety legal requirements for your business.
Having agreements in place with founders/partners of your business
It is incredibly important to have a buy-sell agreement in place to save a lot of issues in the future. Essentially this sets out legally what happens when one partner or key shareholder exits the company, either through illness, death or their own choice. It is imperative to get this sorted early on in your business rather than face the consequences later which can result in stress, falling out with friends and potentially losing everything you have worked so hard for.
Protecting Intellectual Property (IP)
Many business owners typically forget how important it is to check that they are not impinging upon others and to take steps to protect their intellectual property early on. A good business lawyer will offer you advice around names, licences, franchises and what can and can’t be protected.
Hiring a business lawyer when starting or buying a new company is a must and here at Weston Ward & Lascelles, we have a specialist business team to help you with all your needs. We want to be your quiet, yet helpful business partner! A resource you call on for good advice when you have that need, and yet proactive enough to warn you of perils and alert you to opportunities. Get in contact with the team today on 03 379 1740.
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