Starting a Business

One of the most important considerations when starting a business is the structure of the business. 

Protecting your personal assets

Business involves risk. Part of running a business involves the implementation of strategies to reduce the business’ risk. This is often achieved through insurance and good planning to ensure the business is well placed to meet any unusual events in its lifetime. Nobody enters business to lose, but it is a fact of business that many will fail. In these circumstances it is good practice to ensure that the worst case scenario does not put your personal assets at risk. This can be achieved through the structuring of the business as a company limited by shares and from an understanding of the provisions of the Corporations Act 2001, particularly the duties of directors. 

Protecting your company’s assets

As with your personal assets it is important to ensure that key business assets are secure in the event of an unintended downturn in business, or event outside of your control, for instance a fault in a product sold by your business. By ensuring key assets, leases and operational data is held outside the operating entity the risk of loss are minimised. 

Drafting and Advising on key documents

Implementing asset protection strategies is one important consideration but not the last. Starting a business may require advice related to leases, purchasing a business, obtaining the correct licences and approvals, entering into partnership or other business agreements and finance. 

Our commercial lawyers can assist you in setting up the appropriate structure for you, draft and advise on various business agreements such as licence agreements, leases, loan agreements and terms of trade. We invite you to get in touch with one of our offices to learn more about how we can assist your business be its best.