Important Tips When Setting Up A Business

Important Tips When Setting Up A Business

Got a great business idea and looking to take the next step?

Commercial lawyers in Chatswood can assist you when setting up your business in a variety of ways, like ensuring your business is compliant and legally protected. A commercial lease lawyer in Chatswood could also assist with drafting or reviewing a lease document relating to your business operations.

When setting up your business, it’s not just the initial ‘big idea’ that’s important – it’s ensuring the business is set up correctly so you can legally trade when the time comes, along with good planning and making effective and timely decisions.

You can start a business as an adult at any age.

It doesn’t matter if you’ve worked in a corporate company as an employee your whole life - it could be the perfect time in your life to change gears professionally, and embark on a new journey.

Here are some of the main steps to ensure your business is set up correctly:

Steps When Setting Up A Business

  1. Deciding on your business structure. A commercial lawyer in Chatswood can assist when making business decisions or completing required paperwork.

Options include: 

  • Sole-trader structure - which is one person who is legally responsible for the business
  • Partnership – which is where two or more people or entities have joint responsibility for the business and work as partners and income is jointly received
  • Joint venture structure – is similar to a partnership but is only set up for a particular purpose or a single project, as opposed to ongoing business operations
  • Company structure – which is an entity that is set up separate to any business owners and has the rights of a person meaning it can sue or be sued
  • Trust structure - which is an obligation on a person known as the trustee to hold property or assets for the benefit of others who are known as beneficiaries 
  1. Register your business and apply for an ABN
  2. Apply for any required business insurance
  3. Finalise or write your business plan outlining your objectives, target market, marketing plan and financial plan for your business

Benefits Of Setting Up Your Own Business

Benefits of setting up your own business are countless, but here are some to get you thinking further:

  • You can follow your own passions and fulfill your dreams
  • You can be your own boss
  • You can control your own leisure time and schedule
  • Working on your own project can be extremely motivating as opposed to a standard job
  • It’s a more flexible way of obtaining financial freedom and independence, due to more potential for growth – there’s no limit to the income you could make
  • You can choose who you work with – choose your team!
  • There are tax benefits

Commercial Lease Lawyer Chatswood

When considering your operating headquarters, you need to decide if you’re going to need an official office where work will be done or you’ll work from home. What you actually do for your business operations can give you a good gauge as to whether you’ll need a commercial space.

Entering into a commercial lease as part of your business operations is a big decision.

Contracts should be reviewed by an experienced commercial lease lawyer like TY Lawyers in Chatswood.

TY Lawyers are experienced and approachable commercial lawyers in Chatswood. Please get in contact if you require the services of a commercial lawyer or commercial lease lawyer with your new business venture!

Call today for a confidential discussion with one of our friendly team on: (02) 8007 0135.

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