Quietly Quitting? Start a Small Business
Setting up a small business at any stage in your life can be both an exciting and challenging prospect. Doing it as a complete career change can be equally daunting! Regardless of what point in the decision-making process you are in, we recommend you speak with a lawyer (and an accountant) to talk you through all your options.
We outline some key points to consider below.
setting up a company to operate the business to protect your personal assets;
if you are personally lending money to the company to set up the business, make sure that loan is secured;
try to minimise providing personal guarantees under a variety of agreements, including your lease and trade agreements;
make sure you take good legal advice on your premises lease;
make sure there is a clear distinction between employees and contractors and you understand your obligations as an employer and principal respectively;
if you decide to bring on additional investors, ensure appropriate documentation, such as a shareholder agreement, is in place; and
make sure you speak with a qualified accountant to give you advice on the financials, payroll and ATO requirements (BAS/Super) etc.
At Hewlett Legal we’ve worked with all kinds of businesses and can help you with just about any commercial and business legal issue. Contact our team for advice on your specific needs.
