Lawthentic Loop

Keep up-to-date with all Lawthentic things

Lawthentic Loop

Keep up-to-date with all Lawthentic things

Well drafted contracts and agreements minimise the chance of problems arising and protect you if they do!

Essentials for a stellar start-up

Well drafted contracts and agreements minimise the chance of problems arising and protect you if they do!

When you’re ready to start your business journey, it’s important to get the legals right from the get-go! Here are the essentials to get you started:

1. Structure

Choose the right business structure… Whether it’s a company, partnership, trust or sole trader, it’s fundamental to select the most appropriate legal framework for your start-up. Your business’ structure should be tax effective, minimise risk and protect business assets. It’s also important your personal assets like your home, are safeguarded from risks associated with your business.

HINT: Be sure you have the arrangement documented!

 2. Comply

Get the right licences and permits… Your start-up needs to comply with all regulatory obligations. This includes laws, regulations, council approvals and compliance requirements specific to your business’ industry.

HINT: ABLIS has a nifty tool on its website to help you ascertain which licences and permits are relevant to your business!

3. Register

Have all registrations in place before your start-up launches… This includes business names, company names, domain names, TFN, ABN, ACN, GST and PAYG.

HINT: Before settling on your business, company or domain name, check if it’s trade marked by someone else!

4. Protect IP

Safeguard creative masterpieces which is your intellectual property… Bear in mind your start-up’s name, brand, logo, ideas, inventions, processes, designs and any other unique characteristics.

HINT: Registering a business, company or domain name doesn’t give you ownership of it nor does it stop someone else from using the same or similar name… That’s where a trade mark comes into play!

5. Document

Get your contracts and agreements in order… All businesses should have terms and conditions with customers and suppliers. Other types of contracts and agreements your start-up needs are unique to each business and should be vetted with your lawyer.

HINT: Well drafted contracts and agreements minimise the chance of problems arising and protect you if they do!

6. Go online

Reduce risk in digital interactions… Ensure your start-up has the right mechanisms such as website terms and conditions, privacy policy, disclaimers and refund/exchange policies.

HINT: It’s crucial these documents limit your business’ liability, protect intellectual property and comply with Australian consumer and privacy laws!

7. Grow

When it’s time to grow your team… If you decide to take on employees, be sure they have current employment agreements which abide by statutory requirements and your business complies with all applicable award wages, rates and super. Your business should also have clearly documented policies and procedures. If you decide to use contractors, a contractor agreement should be put in place.

HINT: Employee or contractor? It’s important you know the difference!

If you want to hit the ground running, get in touch and let us help you with the essentials to launch a stellar start-up.

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