The legal checklist all new businesses need to tick off

14 Jul

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We think we’re all on the same page when we say choosing the font for your logo is much more exciting than looking into copyright law, patents and other legal words we add to the do-later list. However, not making your way through this legal checklist when starting your business could land you in some hot water later and come with a hefty bill, too!

Whether you’re a budding florist or a passionate painter, here are five boxes you need to tick off before you start trading as a new business.

So, what type of business are you running there?

It’s important to consider the legal stricture that’s appropriate for your business. Will you be a sole trader, partnership or a company?Wondering what the difference is? Here's a cheat sheet for you:

sole trader – the simplest structure, gives you full control
company – more complex, limits your liability because it’s a separate legal entity
partnership – made up of 2 or more people who distribute income or losses

Need some more help deciding on which structure is right for you? Check out this resource here to learn more.

Hey, great business name!

You’ve spent hours designing your logo, you’ve gotten business cards printed and you’ve even built a snazzy new website. The last thing you’d want is to have not checked if your business name has been snapped up by someone else and it have all been for nothing!Be sure to check if your business name is free on the Business Register, then jump over and register the business name with ASIC and be sure to snap up your name on social, too!

Consider where you’re working

If working out of your garage doesn’t sound too appealing, now’s the time you’d start looking into finding a place to work. Whether it be in a co-working space or a permanent office, be sure to investigate what comes with a business lease and short to long-term contracts.Here are 10 things to look out for in a commercial lease that may help with that.

Working for the (wo)man!

If you have no plans of operating as a solo-preneur, you’ll need to get up to scratch on workers' rights. Fair Work Australia has loads of resources dedicated to help guide you through the laws around hiring employees. From how much to pay to apprentices and everything in between, this resource should help point you in the right direction.

Join us for our latest Masterclass, Legal over lunch: everything you need to know navigating the law as a new business!

Wish there was a Masterclass that helped explain all of this? Well, that’s why we’ve teamed up with business law expert by day and musical theatre buff by night, Melissa Bush to help new businesses navigate the 10 common legal issues for new businesses and how to avoid them.