I recently reached out on social media and asked for your most pressing questions about business law and today, I’m sharing the answers with you. A lot of these questions are ones that I get asked all the time, so I know this episode is going to be helpful for you, no matter where you’re at in your business journey. 

One of the most common questions I receive from new clients is about the best business structure. While there is no one-size-fits-all answer, the two most common structures for small businesses are sole trader and company. I explain the difference between these and the importance of thinking about your long-term vision and goals when determining which structure you should operate under. 

Many people also contact me about legal documents, and if you’ve been listening for a while, you’ll know this is something I am passionate about. The starting point is understanding your business, the industry you operate in, potential risks, and compliance requirements. While different businesses may require specific documents, there are three core documents that all small businesses should have: business terms and conditions, website terms and conditions, and a privacy policy. These documents form the foundation of your legal protection and are essential for most businesses.

Let’s say you already have documents in place, but you’re not sure if they are legally binding and enforceable. This is another common question I receive and getting this right is critical in making sure your business is protected. While having a lawyer draft and tailor your contracts is a good starting point, there's more to it. Proper usage and handling of the contracts are equally important. And although using a template might be tempting for the time and cost savings, this is something I recommend you steer clear of. Templates may not cover all the necessary details, and using them without understanding their limitations is a risk that’s not worth taking. 

Another topic very relevant to small business owners is understanding your obligations when hiring or dismissing employees. It's really important to understand the difference between employees and contractors and I share how misusing these terms can lead to legal complications. I also talk about the importance of complying with the small business fair dismissal code to make sure that employee terminations are carried out fairly and in compliance with the law. 

I hope this episode answers some of your burning questions about business law. Remember, legal matters can be complex, and seeking professional advice is always recommended. As a business owner, it's vital to have a reliable network of advisors, including a knowledgeable business lawyer, to guide you through legal challenges and ensure your business remains protected. If you have any further questions or need support, don't hesitate to reach out. I’m always here to help. 

LINKS:

Get your copy of my Annual Legal Checklist here

Check out my Getting Paid Made Easy course here

Website:tmsolicitor.com.au

Instagram:https://www.instagram.com/tmsolicitor/

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