To decide what structure is most suitable for your business, you will need to consider the nature of your business, the potential speed of your growth, and the risks associated with your trading activities.
Setting Up a Business
Setting up a business is equal parts exciting and daunting. Whether you are a first-time business owner or a seasoned veteran, we can handle the entire process from start to finish:
Are you just setting up?
Most startups will need some or all of the following. Click the boxes below to learn more about setting up a business:
The 6 key questions to ask yourself when setting up a business are:
1. Setting up a Business – What Legal Structure do I need?
Choosing the right legal structure is critical for you to achieve your business goals.
The main structures to consider are: Sole Trader, Partnership, Company, or Trust. With each structure comes different benefits, costs, risks, and taxes.
Setting up a Company is generally the default option for most new businesses. Launch our order form now to set up a Company for a fixed price of $900 plus GST.
Alternatively, book a free call now to discuss your structuring options.
2. How can I Minimise my Tax Bill using a Family Trust?
Business income is generally only treated as your personal income if you are a Sole Trader. However, using any other legal structure (such as a Company or Trust), such income will be assessed separately at the applicable income tax rate.
Depending on your personal financial circumstances, establishing a Family Trust (known as a Discretionary Trust), or an Investment Trust, may allow you to reduce your overall Tax Liability each financial year, saving thousands of dollars in the long run.
Launch our order form now to set up a Family Trust for a fixed price of $590 plus GST
Alternatively, book a free call now to discuss your structuring options.
3. Do I need a Shareholders’ Agreement or other Founder Agreement?
Many businesses fail because Founders have different expectations regarding each person’s contribution.
Founder Agreements (such as company Shareholders Agreements) allow Founders to clearly set out each person’s roles and responsibilities in a business.
The default legal position is that any Founder can sell their ownership stake at any time to any person without consulting the other Founders. Does that work for you? If not, then you need a Founder Agreement to change the default position.
Every business with more than one owner needs a Founder Agreement. Reach out now for a free consultation with one of our experienced lawyers.
Get a Shareholders Agreement or Founder Agreement now for a fixed price of $1,190 plus GST
4. What Terms and Conditions do I need for my Customers or Clients?
One of the biggest risks for any business is the risk associated with dealing with customers or clients. They ask for refunds, make complaints, injure themselves and others, and damage property.
How will you protect your business from trading risk? Your Terms and Conditions are your first line of defence. For example, they can take the form of Order Forms, Website Terms, Customer or Clients Agreements.
If your Terms and Conditions are not appropriate for what you are doing, you are opening yourself up to unnecessary risk. We can assist you to identify key risks for your business, and prepare tailored terms and conditions to protect against those risks.
Get Terms and Conditions drafted by a Lawyer now starting from $1,190 plus GST
5. Do I need a Website or other Online Presence?
Every business needs a website. Websites serve as marketing tools to generate sales or leads. Additionally, they facilitate e-commerce activities through the use of online stores.
Depending on your level of online activity, you may need Website Terms of Use to regulate your relationship with website visitors. In our view, all websites which collect personal information from visitors should have a Privacy Policy. Any business with more than $3million turnover, or operating in financial services or health sectors (among others), are required by law to have a Privacy Policy.
We are technology experts, who happen to be lawyers. We can assist you to evaluate the legal impact of your online activities on your business.
Get a Privacy Policy for your Website now for a fixed price of $190 plus GST
6. How can I implement Asset Protection when setting up a business?
Trading comes with considerable risks. Many people make the mistake of unnecessarily exposing their personal assets to business risk. For example, such assets may include your home, car or other valuable property.
Another common mistake is to unnecessarily expose valuable business assets to trading risk.
If your business fails, how would you be impacted financially? Protect your assets with appropriate structuring so you can minimise risk, and maximise profit.
Reach out now for a free business risk assessment and asset protection consultation.
Get Asset Protection advice from a Lawyer now starting from $190 plus GST
Are you Buying a Business?
Learn more about our Business Purchase services by clicking the button below:
Contact us now for a free initial consultation.
