Too many people set up new businesses without carefully considering the best business structure that can be tax effective and protect assets.
Virtually nobody considers properly what the options are and what the best structure set up is.
Usually, accountants don’t really know what the legal consequences are and what the legal protections are from choosing the best business structure. Too often, there is not even a proper partnership agreement setting out who has to do what work, where the company capital is coming from, what the partners will do if they want to sell nor what they will do if they have a dispute.
If these things aren’t dealt with at the beginning they can be costly, if not impossible to fix later on.
We assist new business owners and entrepreneurs start up, manage and grow businesses, including online businesses. Experienced business owners starting new ventures should also consider whether they understand the best structures available to achieve asset protection and to minimize the risk of disputes with partners or other shareholders.
Startup and structure legal advice from experienced Perth Lawyers is needed at the start and the following points will help you to set-up and manage your new business and any new online business:
We can help set up the best business structures for individuals, partnerships and companies to protect assets from creditors and minimise directors’ risks.
We provide top tier services and top tier experience at substantially better rates to those of our competitors and we provide fixed fee costs wherever possible for all of our matters.
Further information can be found here regarding our fixed fees.
When you start up a new business or want to restructure an existing business it is important to decide what business entity structure will be most effective. Five factors you need to consider before deciding on the structure of your business are:
It is common practice that new businesses are set up with the one of the following structures:
Different structures have different legal requirements, liability limitations as well as tax consequences. We can provide you with information on the positives, as well as the negatives, for each of the different structures noted above.
It is vital that you work out the jobs that you and your business partners will carry out and have a clear understanding of who will do what. This will significantly reduce the likelihood of disputes in the future.
Once you have come to an understanding with your business partners as to each other’s responsibilities then you should formalise the agreement. We can draft an agreement for you so that all parties have a clear understanding of their role in the business.
In ascertaining each of the business partners’ responsibilities, it is important to consider:
An important part of starting up a business is considering the name that the business will operate under. The name that you eventually decide upon, will need to be registered and similarly, if you operate under a company name, that will need to be registered as well.
All businesses need good terms and conditions to protect them and to provide security.
Some of the key issues which are commonly included within terms and conditions are:
We can assist you in drafting terms and conditions that are specific to you, your business and the specific industry in which you operate.
Your URL or Domain Name is the address used on the internet for your website. Typically your Domain Name would include your business or company name.
Your domain name is an important part of your business’ identity which allows your customers to differentiate your business from your competition and identifies your business to your customers.
We are able to work with you to register your domain name.
When starting up a new business you will need to obtain an Australian Business Number (ABN), a Tax File Number (TFN) and you will also need to register for GST for tax purposes. Depending on the nature and structure of the business, there may be other requirements in addition to those already mentioned however we can advise you on any such requirements.
If you are going to lease premises for your business then there are many important factors that you need to carefully consider. Some of the important points are noted below:
Upon the establishment of a new business it is vitally important that you weigh up the varying types of insurances that are available and consider which type(s) are applicable to your new business and which types may be legally required depending on the industry which your new business operates within. Many of the common insurances are noted below:
There are many uses for licence agreements in business structures – read further on our Licence Agreements page and contact us today.
