Are you looking to set up a new business, buy or sell a business? The law places tremendous responsibilities upon Business owners and employers.
Starting in business can be exciting. You can’t wait to put your ideas into action and a lot of hard work. However, there are Business Law issues you must consider:
• Will you be employing staff?
• Will you have contracts with customers
• How will you deal with leases, insurance,
• Do you have finance in place?
• What tax implications are there in your
• Do you understand fair-trading regulations?
Before you commit to a lease, employ people or start work for clients, you must be sure you are not putting yourself in legal jeopardy or risking criminal or financial penalties.
Running your business may involve:
• Guarantees and security documents
• Confidentiality agreements
• Copyright and intellectual property law
• Partnership and shareholder disputes
• Customer disputes
• Supplier and contractor agreements
• Terms and conditions of trade
• Bankruptcy and Insolvency
• Work Health and Safety requirements
Selling your business involves issues you need to think through before signing a contract; in particular, the negotiation for the sale. Many factors come into play when deciding on a sale price for your business. Issues that arise include whether GST is applicable in the sale price and liabilities, responsibility for employees, and trading restrictions that may apply, just to name a few. Rushing the sale of a business may devalue your life’s work.