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Does my business need a lawyer? This is a question that many business owners in Sydney ask themselves. Whether you’re a start-up or a small to medium-sized business, there are specific laws set by state and national authorities that all businesses must follow. These laws govern contracts, your physical property, the relationship between you and your employees as well as the sale of your goods and services. Therefore, it's easy to see why the need for a lawyer is questioned by many business owners.
What legal essentials will a lawyer in Sydney be able to help your business with?
As mentioned previously, there are several areas that the authorities in NSW and Australia regulate. Under commercial law, there are specific legal tasks that a business owner must ensure are controlled and taken care of for their company. Here’s a brief overview of the legal essentials that a lawyer will be helpful with.
→ Business Registrations
Owning a company and conducting business means that you have to comply with tax obligations. You may have to register for Australian Business Number (ABN), Goods and Tax Services (GST), Tax File Number (TFN) and Pay As You Go (PAYG) withholding. You may also have to register your business name, trademarks and website domain.
While some of these can be done without the help of a lawyer, you may need their services in understanding which ones you have to register for.
→ Fair trading
These laws ensure that your business operates daily and competitively and that your customers are protected. Under this section, you will typically have to consider Australia's trade measurement laws, displaying prices, product labelling, secure card payments, warranties and refunds, fair trading laws, Australian consumer law, the Competition and Consumer Act, Codes of Conduct and Australian standards.
→ Contracts
Agreeing to provide a service or product for money means that you are entering a commercial contract. A commercial contract is legally binding and thus, has serious consequences. A lawyer will be able to help you draft different types of contracts, ensuring that you are covered in every situation.
→ Privacy laws
Some businesses collect and store their customers and clients’ personal information. While this is not illegal, your business must comply with privacy laws which details how the business is allowed to handle this type of information.
→ Employment laws
When you have employees, there are several laws which must be followed that relates to them including the payment of employees, ensuring you have workers’ compensation insurance and abiding by work health and safety (WHS) regulations.
5 reasons why we recommend hiring a lawyer to every business
1 — Provides security in the event of a lawsuit
Businesses around the world get slammed with lawsuits, however, not all are prepared to handle them. While some lawsuits are frivolous, others can inflict serious damage to your business. A lawyer will not only ensure that you respond effectively and have a strong defence, but they will also draft your business agreements in such a way that it is difficult for any lawsuit to have a strong foundation.
2 — Strengthens your contracts and legal agreements
A solid contract means that clients, contractors and associates cannot take advantage of you. A lawyer will ensure that all contracts and agreements are strong and cover any loopholes, allowing you to avoid costly issues.
3 — Avoid simple but costly mistakes
The operation of a business can be very complex and contains a number of moving parts. Due to the complexity of a business, there are several potential legal pitfalls which can be completely avoided, once the owner knows how to prevent it. A lawyer will know exactly how to prevent these issues, saving you money, time and stress.
4 — Professional references
Throughout a business’ lifetime, you may have several different professional consultations including specialised lawyers, accountants or business consultants. A well-connected lawyer will not only know to tell you when you need this professional help but also who to consult.
5 — Prompts payment
Businesses can experience payment delays from vendors, contractors, associates and any other part throughout its lifetime. Thus, delayed payment can often cause setbacks in your own business’ operations. Having a lawyer on your team means that they can request payment on your behalf. Parties are much more likely to immediately pay once communication begins through a lawyer.
Our Prominent Lawyers team is here to legally guide you through your business’ complexities and commercial law. We will calmly answer any questions and concerns you may have and offer you the best legal advice and guidance for your business’ operations. Our lawyers are here to help you secure your business’ future.
Written by Andrew Awwad
*The contents in this article are solely intended to provide general information in summary and do not constitute legal advice. We recommend seeking the assistance of a legal professional to discuss any matters at hand.
