Have you been looking at ways to legally protect your small business? We have included six simple steps that we would recommend every business owner should follow when starting a new business.
- Correct Business Structure
Ensure you have the correct structure for your business. It can make the difference between you successfully selling a business and ending up bankrupt. Why does it matter? The incorrect structure could leave your personal assets exposed, your business unattractive to investors and lead to paying too much tax. Make sure you seek advice about your personal liability and exposure to risk.
- Register Your Business Name
Before you do anything, you should register your business name with the Australian Securities and Investments Commission (ASIC). Also check that your business name is available before you spend money on marketing and branding.
- Register Your Trademark
A trademark is a way of identifying a unique product or service. You can register a particular symbol or word(s) that will exclusively represent your business or products throughout Australia for 10 years.
- Get Your Key Legal Documents
Every business owner should have contracts and agreements in place from the start, no matter what industry you’re in. These can form the backbone of your business and are essential communication tools. Why are they so important? Without watertight contracts, you’ll struggle to enforce the terms of your business, maybe overlooked by quality partners, and have little to no control over cash flow.
- Register Licences and Permits
You can find all of the licenses, registration, and permits you need by searching the Australian Business Licence and Information Service (ABLIS). By ensuring your company is properly licensed not only protects yourself and your personal assets but your employees and customers too.
- Choose the Right Insurance
It’s important to understand the risks that your business faces. Are your customers, employees or property at risk? If something goes wrong, insurance can protect your business from potentially losing lots of money. There are many types of insurance available to you, and it’s important to know what type applies to your small business - as some are a legal requirement. Our creative, dynamic and hardworking Solicitors can work with you to explain the different types of insurance available to your small businesses and can provide examples to when you would need them.
We would highly recommend that you follow these six steps before you commence trading in your business. These steps might just save you in the future!
We here at Chris Sheath & Associates Solicitors understand that your situation is unique. So, if you would like assistance in reaching a clear understanding of your legal options and obligations, get in contact with us today.