{"id":16835,"date":"2020-03-13T19:39:44","date_gmt":"2020-03-13T19:39:44","guid":{"rendered":"https:\/\/mmil.wpengine.com\/?p=16835"},"modified":"2020-03-13T19:39:44","modified_gmt":"2020-03-13T19:39:44","slug":"do-you-need-a-business-lawyer-when-starting-a-new-venture","status":"publish","type":"post","link":"https:\/\/makemoneyinlife.com\/do-you-need-a-business-lawyer-when-starting-a-new-venture","title":{"rendered":"Do You Need a Business Lawyer when starting a New Venture?"},"content":{"rendered":"

\"business<\/a><\/p>\n

Whether your new business venture is large or small you should consider whether to engage the services of a specialist business lawyer in Melbourne<\/a>.\u00a0 Even for a small venture there is so much to consider that you may not have thought about, or may not have the time to research.\u00a0 Any good business lawyer in Melbourne will be able to give a wide range of advice but there are some basic dos and don\u2019ts to think about both before and after starting your business.<\/p>\n

 <\/p>\n

Before You Start.<\/strong><\/p>\n

 <\/p>\n

Do have <\/strong>your lawyer and other associated service providers complete a full due diligence check on the business you plan to buy.\u00a0 Thoroughly research the business so that you are aware of all the potential stresses and risks involved as well as the financial risks.<\/p>\n

 <\/p>\n

Check that all <\/strong>large suppliers are tied to the business and that the seller is not in breach of trading terms.\u00a0 Arrange for all key business personnel who you plan to retain to be contractually tied to the business.<\/p>\n

 <\/p>\n

Be sure <\/strong>that you have the full support of your family and that they are fully aware of the risks and stresses as well as the benefits and make sure that you structure the purchase so as to minimise the risk to your personal assets.<\/p>\n

 <\/p>\n

Do not accept <\/strong>possession of a leasehold business before a legally enforceable lease is entered into or the transfer of the current lease is completed.<\/p>\n

 <\/p>\n

Don\u2019t take the vendor\u2019s word <\/strong>regarding cash takings that are claimed to be over and above those recorded in the business\u2019 financial statements or books.<\/p>\n

 <\/p>\n

Do not accept <\/strong>stock that is not of saleable quality or rely on and pay for the goodwill of the vendor.<\/p>\n

 <\/p>\n

Don\u2019t rely on <\/strong>verbal agreements and promises. The general rule is \u2013 if it is not in writing, it is not done.\u00a0 This is where a good business lawyer can be of the greatest help to you.<\/p>\n

 <\/p>\n

After Purchase.<\/strong><\/p>\n

 <\/p>\n

Once you have purchased a new business you will find that there are still many areas that you can take advice on.\u00a0 The list of do\u2019s and don\u2019ts are still worth considering on the understanding that, as mentioned above, if it isn\u2019t in writing then it\u2019s not done.\u00a0 <\/em>For example, are you planning to be a sole trader or are you going into partnership?\u00a0 Will your business have shareholders?\u00a0 Any formal agreements between partners and shareholders need to be undertaken in written form and on a legal basis; similarly any trademarks, designs, patents and property rights have to be registered legally.<\/p>\n

Would you know what to do in the event of a catastrophic event such as a death, disability, retirement or some other unforeseen occurrence? And would you know how to make sure your business risks did not impact your family\u2019s finances and how to avoid a worst-case scenario?\u00a0 For example, verbal agreements made between business partners and suppliers can often become worthless in the event of a dispute and in the case of the death of a participant will often go to the grave with them.\u00a0 So it is important that you do not rely on informal, verbal agreements and instead take legal advice on drawing up formal contracts and agreements.\u00a0 In a similar vein, a lawyer should first peruse any third party legal documents that are presented to you.\u00a0 Any third party guarantee should also always be checked over by a lawyer before being acted upon.<\/p>\n

 <\/p>\n

There is so much to take into consideration when starting up a new business but finding the right lawyer will certainly help make things easier.<\/p>\n

 <\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Whether your new business venture is large or small you should consider whether to engage the services of a specialist business lawyer in Melbourne.\u00a0 Even for a small venture there is so much to consider that you may not have thought about, or may not have the time to research.\u00a0 Any good business lawyer in<\/p>\n","protected":false},"author":1924,"featured_media":16836,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[62,1780],"tags":[],"aioseo_notices":[],"modified_by":"GabrielaC","_links":{"self":[{"href":"https:\/\/makemoneyinlife.com\/wp-json\/wp\/v2\/posts\/16835"}],"collection":[{"href":"https:\/\/makemoneyinlife.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/makemoneyinlife.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/makemoneyinlife.com\/wp-json\/wp\/v2\/users\/1924"}],"replies":[{"embeddable":true,"href":"https:\/\/makemoneyinlife.com\/wp-json\/wp\/v2\/comments?post=16835"}],"version-history":[{"count":0,"href":"https:\/\/makemoneyinlife.com\/wp-json\/wp\/v2\/posts\/16835\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/makemoneyinlife.com\/wp-json\/wp\/v2\/media\/16836"}],"wp:attachment":[{"href":"https:\/\/makemoneyinlife.com\/wp-json\/wp\/v2\/media?parent=16835"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/makemoneyinlife.com\/wp-json\/wp\/v2\/categories?post=16835"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/makemoneyinlife.com\/wp-json\/wp\/v2\/tags?post=16835"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}