Information kindly provided by the expert, and award-winning local law firm Our Lawyers.
Running a business is never straightforward.
You’ve probably got an awesome idea and loads of passion. But as you get into it you might also start to realise there’s a whole lotta legal stuff, networking and other tricky bits you hadn’t even thought about.
Getting your biz set up with the right legal tools is super important and the beginning of a new year is an excellent time to do this.
We’ve got some handy-dandy tips straight from our pals at ‘Our Lawyers’ in Mittagong on some of the important legal things to consider when getting your businesses set up for success.
With experience in the Highlands for over 20 years the ‘Our Lawyers’ team have plenty of knowledge and understanding on how to get your best foot forward and keep it there.
Let’s go:
1 :: Review Your Employment Policies
Make sure to regularly review and update your employment policies and contracts to make sure they comply with the latest legal requirements. Keep yourself informed about any recent changes in employment laws to avoid potential legal liabilities down the line.
2 :: Check your T’S & C’s
Give your business’s terms and conditions a thorough evaluation, making sure they are easy to understand, clear and legally sound. Before starting any new projects or partnerships, triple-check that all necessary legal paperwork is in order to minimise any potential risks.
And keep an eye out because, in November of last year, new penalties were introduced for businesses caught using unfair contract terms.
3 :: Plan, Plan, Plan
You know the saying: keep on truckin’? It’s kind of like that but with planning. Regularly review and update your business plan with the help of legal and accounting advisers. These experts will help you to make sure your plan is in line with your current goals as well as meeting all the regulatory requirements.
4 :: Lease Management Is Important
If you’re going to be running your biz from a leased premises then keep a close eye on your lease agreements. Pay attention to things like option dates, lease termination, and your responsibilities as a tenant. Before you sign anything, you should thoroughly review and consider negotiating the terms of any proposed lease.
5 :: Legal Assistance Is Your Friend
Don’t wait for a crisis to hit before reaching out for legal advice. Be proactive and seek advice to prevent issues from popping up. This is especially important when it comes to things like agreements, contracts and compliance stuff. We recommend building a solid relationship with a law firm or lawyer so that you’ll have easy access to legal advice when you need it, even more so as they get to know your business and its unique needs.
6 :: Also Check Your A’s & C’s.
Sounds kind of cheeky doesn’t it?! But it actually stands for agreements and contracts. Get those agreements and contracts down on paper to spell out expectations and obligations clearly. This is not only safe for your business but also keeps things running smoothly. As much as the old “handshake deal” is still seen as a measure of trust in business, it doesn’t offer much practical protection for your business in reality.
7 :: Put Policies In Place.
We love a bit of alliteration, but this is also a really important tip. Get policies put together and then make sure they’re in place. These are things like Privacy Policies, Drug and Alcohol Policies, and Discrimination Policies. These policies will not only safeguard sensitive info but also promote a positive and productive [all the P’s] work environment.
8 :: Figure Out Your Business Structure
Seek out your legal and accounting experts to help you figure out the best business structure for your needs. Whether it’s for tax benefits, liability protection or setting yourself up for growth down the road, having the right structure set up is crucial.
9 :: Get Help With Contracts
Seeking help when drafting contracts as well as sorting out contract disputes, including employment disputes, is recommended. Getting the experts involved will protect your business’s interests as well as its reputation.
10 :: Don’t Forget Debt
Stay on top of any unpaid debts to keep the cash flow smooth in your biz. You may need to get help to recover debts, for example, with a formal letter of demand. Your lawyer or legal team can assist with this.
So, by staying on top of and mindful of these tips, local business owners can avoid a bunch of headaches and also set themselves up for growth in the Highlands, which we love to see!
For more info on any of these tips or any other kind of legal advice, Our Lawyers in Mittagong is a great place to start. The team at Our Lawyers can support you with your business law and commercial law needs, from contracts to dispute resolution and more. Reach out to Our Lawyers in Mittagong to put your small business success a step forward.
A Leading Law Firm in the Southern Highlands
At Our Lawyers, our experienced legal team offers a friendly and personalised service to all of our clients, with every effort taken to ensure that we deliver results in all areas of the law. We understand the important of individual attention, and so we are here to work with you every step of the way to ensure that your legal requirements are met. We strive to provide an approachable, client-centered, and successful service so that you can feel confident that you are receiving the best possible legal advice.
Our expertise covers a wide range of areas, including but not limited to family law, conveyancing, commercial law, wills and estates, and property law.
Our team of experienced lawyers will guide you through the legal process, ensuring you have the information necessary to make informed decisions. Our Lawyers have provided quality legal services to clients in the Southern Highlands for over 20 years. We are approachable, modern, and efficient.
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