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Why Should Your Business Invest in Legal Advice?

March 4th, 2019

When it comes to starting a business or owning one, seeking legal advice should be one of the essential things you do. Having a business lawyer in your corner allows you to freely seek legal advice – allowing you to successfully run your business and manage employees, as well as ensure that your business is compliant with the various laws and legal obligations that apply to running it legally and ethically.

What does business legal advice involve?

Obtaining legal advice is an important part of running your business. As a business owner, there are times where you may need to seek a legal specialist for advice on areas including contracts, debt recovery, business law, insurance, intellectual property, and more.

For example, when starting a business there are many components to deal with which can often result in important legal issues being overlooked or forgotten about. For example, did you know that as a business in Australia you need to comply with the Privacy Act? Or that there are laws and legalities regarding employment and anti-discrimination within the workplace?

Having an expert provide you with business legal advice will equip you with everything you need to know, and they can inform you of all the laws that apply to your business and what you must comply with – such as licensing and registrations, contracts, and leases.

Business legal advice can also help you to better understand any dispute or legal matters you may be facing, allowing you to be able to professionally resolve it.

Who can provide this legal advice?

There are services in all states & territories in Australia that can provide legal assistance for your business. This includes lawyers, law firms, legal advisors, and mentors.

Many business owners believe that they do not have sufficient funds to allocate a lawyer, or they believe that it isn’t necessary hiring a lawyer until and unless something goes wrong. However, it’s important to not wait until you’re faced with a lawsuit before enlisting legal help. Precaution is far better than reaction, and hiring a legal representative gives you the security of knowing you have an expert to be able to jump in straight away if something goes wrong as well as to provide you with proactive ways to prevent any legal implications from compromising you and your business.

Who can help you with your business?

  • A business advisor: A business advisor or consultant is a professional who gives expert advice on all aspects of a business including financial, management, and legal advice. There are different types of advisors who can help you with your specific concerns. Australian Debt Solvers is available to assist you as well.
  • A business mentor: A business mentor is someone with extensive knowledge and experience within the management and running of a business. They can guide you on a range of business-related matters.
  • A financial advisor: There are a number of financial services available to give you legal advice on the financial aspects of your business. These include financial advisory groups, accountants, bookkeepers, and Business Activity Statement (BAS) agents.
  • A lawyer/attorney: A lawyer is appointed to help you with all aspects of your business, particularly the legalities that come with it. The usual tasks of a lawyer include establishing corporate structures, drafting contracts, drafting policies & procedures, cashflow management, managing your governance, licensing, and standards, and aiding with any legal disputes.

If you are concerned about the funds needed to hire a lawyer, you have a number of options to help. The legal industry has been adapting to accommodate all types of budgets and requirements. There are legal firms that offer free consultations and discounted rates for start-ups.

The Australian Government also provide special grants, legal aid, and assistance services to support your business. Here is a list of free or low-cost legal advisors in Australia.

When should you seek legal advice for your business?

It is always wise to seek legal advice before you start your business, if there’s a legal dispute after you’ve established your business, or if you’re having cash-flow difficulties.

Seeking legal advice in the start-up or expansion phase of a business

Appointing a lawyer or advisor in the start-up or expansion phase of your business provides you with a safety net in case anything goes wrong. By hiring a professional from the beginning, they have time to become familiar with your business and already knows your industry, revenue model, business policies and other important information.

As your business expands so too does your marketing, advertising, and recruitment. All of these changes come with their own legalities and obligations including safeguarding the Intellectual Property of your business as well as ensuring proper contract management, and developing strong relationships with stakeholders and investors.

Seeking legal advice while your business is established

If your business has run into a legal matter, a lawyer will keep you from making any costly mistakes. A lawyer can also review your business contracts to ensure that you are meeting all legal obligations and that your rights are protected. There are many different types of contracts that need to be professionally drafted and reviewed by professionals.

Seeking legal advice if you’re having cash-flow difficulties

Ensure that your budget and cashflow is expertly managed and monitored so that all your business expenses are covered. Enlisting the help of a financial advisory firm or expert will provide you with a personalised approach to financial distress and will help you and your business to get back on track.

Does your business need financial help?

If your business is struggling to make ends meet or you are running into financial difficulties, call Australian Debt Solvers on 1300 789 499. Our expert team are available to assist you with all your business debt related needs.

If Your Business Finances Are Out Of Control, We Can Help.
Call us on 1300 905 107 or Click Here For More Information.

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David Hill
David has over 15 years in the insolvency industry – advising clients through restructuring of their business. His clear, “straight up” style provides clients with a strong direction of what they need to do, and how the process will work. As importantly, he brings empathy to the process – which is essential at a “high-stress” time for clients.

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