20 February 2019

Choosing Your Start Up Advisors

Top 10 Considerations for Start Ups Nadia Sabaini
Nadia Sabaini

So you have decided to start a new business? You have a novel idea or a better way of doing things? What’s next?

Starting a new business can be daunting, but with good planning and the help of experienced advisors, success is just around the corner. In this guide, our business advisory director, Nadia Sabaini, gives her top 10 actions to consider for Start Ups embarking on a new business journey to maximise their chances of success and avoid legal hardships.

Nadia Sabaini is a director in our business law team. Nadia routinely acts for clients in start-ups, mergers and acquisitions. Nadia also advises in the areas of finance and general contract law.

 

#2:  Engaging the advisors you need

We don’t mean to brag, but every start up needs a lawyer.

It is important to consult with at least your lawyer and accountant as soon as possible in the start up journey.  For example, there are often tax consequences to changing a business structure once business has commenced trading.

When choosing advisors, it’s useful to ask for recommendations by family and friends, but this should not be your only consideration. We recommend entrepreneurs conduct some due diligence and choose advisors, including lawyers and accountants, that fit their requirements and have the requisite experience in their industry or the field of expertise that is required.

Your lawyer will assist you with matters such as:

  • Establishing your business structure;
  • Ensuring you have the appropriate licenses and policies in place;
  • Drafting your terms and conditions; and
  • Other matters address in the next sections of this guide.

Your accountant will advise you on matters of tax and ensure you comply with your PAYG and BAS obligations.

There may be other advisors that you should also consult, such as licensing consultants and marketing consultants. Engaging professional advisors may appear costly but will give you peace of mind and ensure your business has the best chances of success.

A valuable tool for researching lawyers is Queensland Law Society’s Find a Solicitor page. You can also find useful information on the Choosing an accountant page on ASIC’s MoneySmart website to help find the right accountant for your start up.

For more information regarding your start-up journey, download the full guide below or contact us today.

 

What’s next? #3: Choosing the Right Business Structure to Suit the Future

 

Read from the beginning: #1: How to Make a Real Business Plan for Your Start Up

 


This guide is provided by way of general assistance only and for marketing purposes. Please contact us to discuss your personal situation and further information you may need.

 

Individual liability limited by a scheme approved under professional standards legislation (personal injury work exempted).

Download the full guide

Learn more about your start-up journey today

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