Starting your own business is both exhilarating and nerve-wracking. There are many factors to consider and numerous elements to focus on. Many business owners don’t think of hiring a business lawyer until a legal issue arises and then rush around looking for the cheapest, quickest option.
Fortunately, with the reputable business lawyers Melbourne has available, it’s very easy to hire the right legal expert for the advantage of your business. Here are a few reasons why hiring a business lawyer from the start is beneficial to the day-to-day running of your business; and why you should get yours in place as soon as possible.
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Assistance with Understanding the Law
You may be very well versed in the product or service relating to your business, but how much do you know about the legal aspects of running your company? Do you know how to safeguard your company in terms of the law?
Business lawyers will assist you with understanding your business’ legal rights for everyday matters, such as safety, as well as preventing potential legal issues. It’s important to know and understand the legal aspects of dealing with employees and customers.
Accurate Drafting of Contracts
No matter what type of business you have, you should have contracts in place. Whether these contracts are for employees, customer services or vendors that the business may be using, you shouldn’t operate without them. Why? Because they protect your rights. A business lawyer will help you identify the contracts you need as well as ensuring the contracts are drawn up legally and protect the interests of all parties concerned.
Employee Relations
Whether you only employ one person or 50 in your company, there are certain laws that need to be considered. Payment arrangements, overtime rates and work hours are only a few of the decisions that require alignments with current laws. A business lawyer will assist you, ensuring that employees are working within legal guidelines. This will prevent future legal issues, such as being sued by disgruntled ex-employees.
Protecting Customer or Client Information and Social Media
Living in a digital world means your business will no doubt have some form of online presence and perhaps even an online store. As part of these resources you have certain obligations to your customers who purchase products from you or clients who request advice. There are laws regarding the use and protection of their personal data. It’s also important to know what your business can and can’t say or do on social media. Ask a lawyer about this to protect your reputation.
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Safeguarding Your Commercial Real Estate
No matter where you run your business from, there are laws to consider. If you run your business from your home, you’ll need to know if there are by-laws pertaining to this. For example, if you’re renting your home, does the lease you signed allow for running of a business?
Alternatively, when renting or buying a commercial property, whether it’s a store, office or warehouse space, your business lawyer will ensure that all agreements are above board and in the best interest of the business. This will prevent possible future litigation.
Tax Obligations
Irrespective of the type of business you run, there will be tax laws that need to be adhered to. Tax laws relate to the income generated by the business as well as salaries paid to employees. To safeguard your business from potential tax violations, a business lawyer’s advice is crucial to ensure you’re in alignment with Australian tax law requirements.
Intellectual Property
When talking about intellectual property, it refers to intangible creations created by you or your staff. These can include your company logo, products created or designed within your company, business services and trade secrets. This also refers to copyright, trademarks or patents. Your business wouldn’t be successful if everyone had the right to use these as they please, right?
Your business lawyer can assist you with these aspects that are covered by intellectual property law.
Commercial Litigation Expert
In the unfortunate event of a lawsuit it’ll always be beneficial to have a business lawyer on hand to assist with the matter. Advice and guidance from an expert who is well versed in commercial litigation processes is invaluable to both you and your business. If the expert already knows your brand, it streamlines the process if an issue arises, which shows how valuable it is to look for a lawyer immediately.
Rational Perspectives
When it comes to your business which you’ve probably created from the ground up, it’s very easy to become emotional regarding business disputes. In this instance, a business owner may find it difficult to regard the dispute objectively. A business lawyer can provide a rational approach within legal guidelines and advise on the best solution for the business.
In Conclusion
To summarise, hiring a business lawyer will assist you in preventing issues, often even before they occur. Safeguarding your employee and customer rights will go a long way to ensuring that your business is successful & looks professional. Best of all, knowing that a specialised expert has an eye on all the legal aspects of your business will give you peace of mind.
