When starting a business there are a multitude of things to consider: having enough money, will it be a success, how busy will you be, will it pay off, what kind of toll will it take on your relationships? What small business owners do not often consider are some of the legal consequences that could arise as a result of starting a new business.
When starting your new business, or even if you’ve had a business for some while now, it is worthwhile to consider the following:
Research business laws
Make sure you dedicate time to understanding business law. And keep up to date! You need to ensure you are paying your employees correctly, that you are complying with ATO legislation, and that you are adhering to fair work and anti-discrimination laws.
Get everything in writing
It is extremely important to protect yourself. If you make an agreement or go into a partnership with someone; draw up a contract and have it checked by a professional before signing it. Which leads to the next point…
Have a legal advisor
While anyone can conduct research on business law, we are not all qualified lawyers. Spend a little money in the beginning and save yourself from spending a lot of money down the track by hiring a legal advisor. They can help you draw up contracts that will stand up in court if need be and they can provide assistance when navigating through the many options relating to setting up your business.
Make sure you understand intellectual property. Intellectual property involves your business name, business idea, content, logo; anything created by you or by employees in your business. Using someone else’s intellectual property is a form of plagiarism and can cost you and your business a lot of money. You should also know how to protect yourself if anyone else uses your intellectual property.