Startup lawyers

A startup lawyer can help you navigate all the legal requirements associated with starting and scaling your business.

This includes advice on:

• how to incorporate
• how to create a shareholding structure
• bringing on investors
• how to protect your IP.

Startup lawyers will provide you with specific legal advice according to your circumstances. By doing so, you will not only be protected against any potential legal issues that may arise, you can also ensure the ongoing growth and sustainability of your startup business.

A few legal services that startups require include:

• Ensuring that the business complies with relevant laws and regulations such as the Australian Competition and Consumer Act 2010.
• Determining the most appropriate business structure (Soletrader, Partnership, Company, Trust)
• Legal support on intellectual property, trade marks and copyright
• Assistance with legal documentation such as privacy policies and data protection policies
• Setting up employment contracts with employees and contractor agreements with contractors
• Drafting a tailored set of Terms and Conditions with your customers, and
• Disclaimers specific to your business.

It is a good idea for companies to use a startup lawyer as early as possible. Ideally, it should be the first thing that you do for your business.

By engaging a startup lawyer in the beginning, you give your startup a chance to avoid any legal hassles such as liabilities, disputes and legal issues that may arise in the future.

Structuring your startup properly and effectively from the onset is vital. The type of structure you choose will not only affect the way you do business, but it will also be critical when it comes to bringing in partners and raising funds.

In addition, the legal structure for your startup will also have implications for asset protection, tax liabilities and more. It is imperative that all these factors are considered before deciding on your legal structure.

Depending on the risk profile of the business, it may even be prudent to set up that type of structure right from the start, before you even start trading!

Here are the four main business structures to consider for your startup:

Sole trader: A sole trader is an individual who owns and runs the business. They are entirely responsible for the business’ losses.

Partnership: A partnership of 2 or more people sharing the operation, income and losses of a business.

Company: A company is a separate legal entity operated by directors and owned by shareholders. The company owns all business money and assets, incurs losses and can be sued. A company has increased funding options to raise capital. Find out more about incorporating into a company here.

Trust: This structure has a trustee holding your business for the benefit of others (the beneficiaries). A trustee can be a person or a company, and is responsible for everything in the trust, including income and losses.