Start-ups are led by ambitious and goal-oriented people. However, when you’re passionate about bringing your unique service offering or product to the market, considering the legal implications may not be front of mind. Yet, this is critical for both modest and large-scale business growth.
Consider the long-term for your business structure
Most businesses start in an informal way – even being serviced from your home. However, if you’re serious about your business’ medium to long-term goals, it’s crucial to think about the right structure for your business.
For example, you may be tempted into being a sole trader to get started, and then change to a company structure later. The problem? This is expensive and hard to change. It also could open you up to a range of risks from personal liability to tax obligations. Our lawyers can help you find the best option for your business, so you can build your business on a solid foundation.
Know and protect your assets
A business is nothing without its assets. So, it makes sense to protect them. However, many start-up businesses don’t prioritise asset protection, meaning their business’ ideas could become vulnerable to being copied by competitors. As you plan for business growth and either expand your reach or offering, asset protection is fundamental.
What’s more, it can also protect your business against litigation. Put simply, this means that if your business is sued, your personal assets are better protected. Lakis & Knight can help ensure your assets and business are protected as your company develops.
Plan for growth
When you’re planning for growth, it’s easy to get caught up in big-picture thinking. To expand your business, you may partner with more providers or enter shareholder agreements with investors, or you may take on a commercial lease for a warehouse. You may also start bringing on employees, which marks an exciting moment for businesses but can also open the door to a range of issues if done incorrectly.
Before putting pen to paper and signing a legal agreement or contract, a lawyer can walk you through important legal implications and considerations – protecting your business’ short and long-term interests. This can help you effectively plan for growth while ensuring you don’t run into legal strife along the way.
Determine your tax liabilities and insurance needs
Liabilities can vary from industry to industry. They can also change as you evolve your offering. For example, if you open a physical storefront for your business, should a customer slip and hurt themselves, they could sue your business. That’s where it’s important to understand the rules, regulations and licenses that are specific to your line of work.
Another important consideration is tax compliance. Overlooking your taxation obligations can be disastrous for your business. For example, many small businesses don’t keep good records and can end up making costly mistakes. Legal assistance can assist you to make sure you’re on top of your tax and insurance, so your business is bolstered and ready to continue growing well into the future.
Book your 1 hour, no-obligation discovery session today
At Lakis & Knight, we’ve worked with countless start-up businesses over the years. We understand the challenges and concerns you may have, which is why our legal aid comes with financial certainty and transparency. We’re here to support you through every stage of your business’ growth as your trusted legal partner.
Get in touch with us to book your 1-hour no-obligation discovery consultation.