Starting a Business

Setting up a new business is an exciting step. But it does not come without its challenges. Some of the processes can be complicated. When starting a new business, it’s important to seek legal advice from a lawyer experienced in commercial and business law.

We can assist with the following in relation to starting a business:

• Identify, with assistance from your accountant, the best structure for your business.
• Work with you to identify areas of risk and steps to take to minimise that risk.
• Guide you as to contractual arrangements for your supply of goods or services to customers/clients.

Do I need a lawyer to assist when starting my new business?

It is valuable to engage a lawyer mainly from the perspective of considering what should be put in place for protecting your business and your individual wealth. This might include having formal documents such as a partnership agreement or a shareholders' agreement or a joint venture agreement.

Should I have an accountant when starting a business?

We certainly recommend that you have an accountant as part of your advisory team. As lawyers, our focus is mainly on wealth protection whilst accountants have a clearer focus on tax and accounting issues.

What is the best structure for setting up my new business?

There is no one simple answer to this. It depends on the nature of the business, the assets which the business uses or acquires and your personal financial position.

Using a company is usually a good starting point but sometimes there may be real benefits of wealth protection and tax having the company act as a trustee or having the shares in the company owned by a trust.

We work with you and your accountant to identify the most appropriate structure for your new business.

What do I need to give you so you can assist me to start a business?

If you are purchasing an existing business then the Contract for Sale of Business is the best starting point.

Otherwise, if you are commencing a new business from the outset and you have a business plan, then you might share that with us. In any case, a meeting with us will be able to identify what needs to be done and who will do it.