Starting a Business

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

Protecting your personal assets

Business inherently involves risk. A key part of running a successful business is implementing strategies to minimise that risk. This is often done through insurance and proactive planning, helping ensure the business is equipped to handle unexpected events. While no one starts a business expecting it to fail, the reality is that many do. In such cases, it is important to ensure that the worst-case scenario does not jeopardise your personal assets. One of the most effective ways to achieve this is by structuring the business as a company limited by shares and understanding the key provisions of the Corporations Act 2001, particularly the duties and responsibilities 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.