Why Every Business Needs a Lawyer
Most businesses can benefit from consulting a commercial lawyer from the outset. With that in mind, we have put together a brief list of the benefits a commercial lawyer can bring to your business.
Deciding on a Legal Structure
From our experience, it is very important to get advice from professionals when selecting the best legal structure to suit your business and particular circumstances.
The business structure will determine what liabilities are faced, how your business is taxed, how any profits are divided, how you can sell your business, and at what price.
There are three basic structures commonly used by businesses in New Zealand:
- Sole Proprietor/Sole Trader: where only one person is the owner of the business and trades in his or her own right.
- Partnership: where two or more people own the business and share the profits and losses of the business.
- Company: a legal entity separate from its directors, which run the company, and its shareholders, which own the company.
Contract preparation and review
It is common knowledge that contracts play a significant part in any business, irrespective of size. Contracts are required for a range of reasons, including for sales purposes, for employment purposes and for commercial lease purposes.
A lawyer can help you with preparing and reviewing contracts, with the aim of protecting you and your business as well as minimize the risk of potential legal disputes.
Trade Marks and Intellectual Property
Once your business is established, a lawyer can also help you to protect and make the most of your brand. A lawyer can advise you on whether using your proposed trade mark is likely to infringe any registered or unregistered rights for the same or similar marks. A lawyer can also advise you on whether an application to register your mark is likely to be successful. This will save you time and money in the long run.
Assistance with Disputes
Disputes can be fraught and emotional times, causing stress and anxiety.
If your business has the misfortune of becoming embroiled in a dispute, for instance where there is a breach of contract, a lawyer can assist with a cost-effective and timely resolution.
A good lawyer helps keep you out of court and aims to resolve your issues as quickly and effectively as possible. While there are times when an aggressive approach is required, you are more likely to get the results you require from a reasoned and consultative approach, allowing you to get on with your business, and your life.
Succession Planning and Exit Strategy
An exit strategy is a plan for wrapping up your involvement in your business.
A lawyer can assist you with developing an exit strategy for your business to suit your personal circumstances. It’s never too soon to start on your succession plan, or exit strategy.
Talk to us
Contact our Commercial Team today to discuss how we can assist you.
Disclaimer: The information contained in this publication is of a general nature and is not intended as legal advice. It is important that you seek legal advice that is specific to your circumstances.
