One of the key decisions you will make when starting a business is the structure of the company. It’s important to choose the correct structure for the type of business you are undertaking as this can ensure future success and a smooth transition from small business to large corporation if necessary. It’s also wise to consider the succession aspects of the business. Engaging a lawyer is a good starting point for making sure your business is set up for success and security, here is why.
Preparation is the key
A lawyer proficient in corporate and commercial law will be able to assist you in preparing your company for a variety of potential legal situations. For example if you plan to gain a business partner or partners in the future a lawyer can help to set up the business structure to accommodate this. Also it is worthwhile considering how you can protect your business assets from creditors in the case the worst happens. Getting everything in order early can help lower costs later and protect your business.
Working closely with your accountant, you lawyer can help you make the best possible business structure decisions to set your finances up for the future. Depending on the structure of the business, your tax requirements will be different. Your lawyer will advise what is the best structure to maximise your tax effectiveness now and in the future, as well as establish protection strategies for future growth opportunities.
Protect yourself with contracts
Establishing the right wording in your contracts can safeguard your business against disruption, extra costs, and litigation. Seek assistance with:
- Employment contracts
- Supplier contracts
- Partnership agreements
- Drafting of company constitutions
- Joint venture agreements
- Shareholder agreements
- Unit-holders agreements
Failing to have a professional analyse your contracts means potentially leaving yourself open to business loses.
Set up your succession
Succession plans are vital if you operate a business. They can help you determine where your business isgoing, provide advice on rights and obligations, and concrete your wishes should you decide to move on or should a difficult situation arise where you are unable to make decisions yourself. A lawyer can help with your business succession plan, appoint powers of attorney, and create business sale agreements. By seeking advice on this you can ensure your business thrives for many years to come, or is wound down in the correct manner to your wishes.
Expert advice locally
When it comes to business structure and succession, LSV Borrello Lawyers can help you to position your company for success and the future. Whether you are a new business seeking advice for the first time, or an established corporation seeking assistance with contracts or preparation for sale, LSV Borrello Lawyers will work in your interest. Contact us today to discuss your situation on (08) 9404 9100.