Skip to main content
Toll Free: 1800 232 088
Posted: 10 March 2016

Legal Advice is Essential for Business Success

Issue 0038

Most aspects of running a business involve legal issues of some kind. Legal compliance is very important if your business is going to be successful. Failure to implement appropriate legal strategies can cause you stress and could, in fact, lead to business failure.

There are appropriate legal services available from competent solicitors in most cities, towns and regions in Australia, however you should be talking to a commercial solicitor, not a family court solicitor or a personal property solicitor, for business related matters.

In the first instance, it’s important that you’ve used the right entity for your business, whether it be a sole trader, partnership, trust or company.

A solicitor can explain the differences to you. You also need to tell the solicitor what you intend to do in your business. For example, if you intend to do significant amounts of research and development that is going to cost in excess of $20,000 per annum, perhaps you should be incorporating a company. However you need to look at the cost. Incorporating a company will cost you more money than just setting up as a sole trader and applying for an Australian Business Number (ABN). On a positive note, a company can give you significant advantages when it comes to securing some government grants and also claiming research and development expenditure for a tax rebate.

Most businesses develop Intellectual Property (IP) and yet most businesses fail to adequately protect the IP within the business. Have a discussion with your solicitor relative to IP.

Other issues which can involve ensuring you get legal advice are:

  • leasing premises
  • employment of staff
  • engagement contracts
  • service agreements – such as your terms and conditions and your Retention of Title agreements
  • how you might comply with the Personal Property Securities Act and the registration requirements on the Personal Property Securities Register

The items mentioned are only a very small sample of the range of activities on which a commercial solicitor could advise you.

Legal Advice is Essential for Business Success

Past Posts