There is often a notion that having a great idea and sufficient funds is enough to start a business and get it going. Nothing can be further from the truth. The laws that are related to start-ups and small businesses differ between States with each having their own set of mandatory requirements. Hence if you are starting your business in the State of Victoria, Australia and need to buy property for your venture, you will have to specifically contact lawyers well versed in property development law in Melbourne. Similar will be the case for any other State in the country. Hence, it is simply not enough to have large doses of business acumen only, you need lawyers to guide you on the legal aspects of business too so that you do not have to face unwarranted litigation later on.
Here are some of the reasons why it is always advisable for small businesses and start-ups to take professional legal advice.
- Liability – Different business forms have separate aspects of risks for the owner as well as protection covers. Hence, the liabilities of partners in a partnership firm will not be similar to single owners in a sole proprietorship. Business liability and personal liability has to be segregated if you have to avoid putting everything you own at risk and bringing economic disaster to your family. Get an experienced lawyer at the initial stages itself to guide you in this regard.
- Taxes – Here too as in the case of liability, different businesses have various tax advantages and disadvantages. Once you decide on the form of your business, you should contact an attorney to know about your tax liabilities. This is not only to understand how best you can save on taxes but also to ensure that you are not found wanting in submission of tax returns and depositing correct quantum of taxes.
- Licences and permits – For any business, getting the right permits and licences are of utmost importance. There are a lot of issues here. First, permits necessary for doing business in one State will be different if you have a multi-state business venture. Secondly, the processes for getting required permits and licences are quite complex in nature, and might be beyond your comprehension. A lawyer on the other hand will be able to professionally advice you in this regard and for a fee even get the required licences on your behalf.
- Structuring contract form – All businesses have a standard contract form with minor modifications for clients and vendors. The key is to work on that standard format and change it as per the requirements and terms of contract with the other side. However, this is not easy as there are many legal implications involved here. If you are dealing in property, the contract will be as per the laws of that State and the content will change based on whether you are the buyer or seller. To be on the right side of law, take help of Melbourne property conveyancing services if your company is based in the State of Victoria.
Apart from these points, keep in touch with business lawyers and avoid unnecessary legal issues connected with your business.