Setting up your own business can be an exciting prospect. But there is always an element of risk involved in starting a business, so you will need to first consider a number of issues. Stacks can provide expert advice about all aspects of starting your business.
Getting your business structure set up appropriately right from the start is extremely important for any new business, including getting your start-up legal documentation in order, and preparing contracts and agreements. Getting the foundations in place from the start will help to minimise any risk to your business in the future.
Stacks can help you to set up your business structure, advise you on any legal and financial documents that you require, and ensure that you understand your obligations as a business owner. We will also help you to identify any risks to your business and how best to plan ahead for these. This will help you to avoid issues down the track so that you can focus on growing your business.
Issues to consider when starting a business
Business structuring - it is important to set up your business in a way that best meets its unique needs. A good business structuring strategy will give consideration to the following issues:
- Taxation, including income tax, capital gains tax, and goods and services tax
- Stamp duty
- Asset protection
- Succession planning
Contracts and arrangements - what documents will you need to prepare in order to achieve your objectives and minimise risk to your business in the future? These will vary depending on the size and nature of your business but may include:
- Company constitution
- Finance and security documents
- Partnership agreements
- Shareholder agreements
- Joint venture agreements
- Business succession agreements
- Lease agreements
- Business insurance
- Procurement and tendering documents
- Management and agency agreements
- Intellectual property licensing agreements
- Construction contracts
- Employment contracts
- Legal requirements - what registrations, licenses or permits do you need to apply for in order to run your business?
- Selling products or services - what are your legal obligations in relation to product labelling and packaging, product standards and product recalls? What are your Fair Trading obligations, such as pricing, providing refunds and warranties?
- Managing payments and invoicing - how will you set up your business’ payment terms? How will you manage unpaid debt? What legal avenues are available to you to recover debt your business is owed?
- Protecting your ideas - how can you protect your ideas and creations (intellectual property) so that competitors don’t copy them?
- Importing or exporting goods - if you are looking to import or export products you will need to know about any government regulations and duty taxes that affect you.
- Funding your business - who will fund the development costs of your business?
Need some advice about starting up a business? Call us today