Whether you already own or just have an idea for a new business, it is important to invest in a good lawyer. Since starting a business involves a number of considerations (such as business structure, terms and conditions, rights and obligations), you absolutely need to make sure that you dot all your i’s and cross your t’s so you can avoid potential legal problems in the future. Not seeking professional legal advice could spell disaster in the future. A commercial lawyer in Cairns knows the law better than anyone and will help your business succeed in the long run.
Here are some reasons to hire a lawyer for your new business:
Protect intellectual property
You wouldn’t want someone to steal what you’ve worked hard on. If you have developed a new product, service, logo, or idea, it is considered your intellectual property (IP). A commercial lawyer can help you formally register your IP and ensure ownership.
Structure your business
One of the first things you will need to decide on is how to structure your new business. Your options include:
- Sole tradership
- Incorporated association
Your business structure will determine your tax obligations, personal liabilities, asset protection and setup fees. A professional commercial lawyer can guide you so you make the right decision for your business. A lawyer will also spare you the hassle of creating and filing necessary documents.
Draft and negotiate contracts
As your business grows, you will probably sign one or more contracts. Contracts are legally binding so don’t just create or sign one without seeking legal advice. A lawyer can help you draft and negotiate contracts to avoid putting your business in jeopardy. Lawyers can also root out problems and identify the right language to be added in a contract. In addition, if the other party breaches a term of a contract, your lawyer can give you options and help you file proper legal action.
Buy or sell your business
You might reach a point where you can afford to buy another business or where you want to sell your business. When buying a business, you need to thoroughly understand issues about property, valuation, and other complex aspects related to the transaction. Similarly, selling your business involves deciding the structure of sale and payments, valuing your business and its stocks and assets. All these things require the help of a commercial lawyer. A lawyer will help you get the best value for your business and ensure everything is done correctly.
A good commercial lawyer can be your best investment. If you are searching for a commercial lawyer in Cairns, feel free to get in touch with us. Marino Lawyers can provide advice in all stages of your business endeavors.