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August 2, 2022Starting a Business? Why you need legal advice and what do you need to get started
Starting a new business is a great feat on its own, and it is important that you have the right tools to ensure success in your business.
This article first appeared on Legal Pursuit’s website. Read the article here.
When starting a business, it is important that you understand the different business structures which need to be put into place. Although legal advice is often synonymous with litigation, when starting a business, legal advice is vital in ensuring that your roadmap for your business is outlined and structured correctly. This roadmap includes how your business is structured and the various commercial and corporate documents you need to complete and sign. When viewing these commercial contracts and the legal complexities surrounding the contracts, having an understanding in these corporate structures is a critical skill in business and for any entrepreneur.
For most people in business, it is not common to have a thorough understanding in these legalities, and thus it is vital that when starting a business that legal advice is sought out.
Here are the key areas any new business needs to ensure success
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- Business Name: Research of and the registering of your business name.
- Business Logo: Design of your logo.
- Trademark: Application for the trademark of your business name and logo.
- Marketing Material: Company video, brochures and other marketing material.
- Company Website: Setting up of your company website, the purchasing of and registering your company domain names.
- Business Bank Account and Bookkeeping: Facilitating the setting up of your account and guidance on bookkeeping.
- Business Structure: Is your company a Pty. (Ltd.) or Sole Prop.? Do you need Tax Registration?
- Legal Advice & Support: A lawyer on call for advice, support and the review of all business documents.
- Do you have Partners? If you have any business partners, you will need assistance with:
- Buy and Sell Agreements
- MOI Agreement
- Shareholders Agreement
- Insurance: Assistance with your business short-term insurance.
- Business Assurance: Assistance and guidance.
Ensuring your business is structured and set up correctly involves more than its simple registration.
The unfortunate reality is that access to commercial legal advice is restricted to a labour firm or employing your own legal counsel, and assistance setting up your brand is often costly; which are problematic, especially when it comes to costing structures which are inflexible. Traditional firms and legal counsels in this case have their services and advice charged on a time basis at the attorney’s hourly rate. This is problematic for SMEs, especially when cash flow is tight.
At Legal Pursuit, we believe that every business needs the right tools, at the right price, to ensure success without the cost of such negatively affecting business.
Become a member today and receive reduced costs on all commercial documents, as well as a FREE 30-minute consultation with an admitted commercial attorney who can outline the key areas your business needs. Becoming a member ensures you have access to your benefits immediately – see your benefits here.
To ensure your business is set for success, click here to Sign Up Now to get started.
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