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:
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.
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.
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.
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.