January 30, 2023

Start-up business

Photo by Gerber86 from Getty Images Signature 

Importance of legal documents that reflect the vision for your start up business.

30 January 2023

Launching a startup business is exciting and stressful all at the same time. And if it is your first business, there is so much to learn. Then the more you learn the more you have to do. It can become an endless cycle of the more you learn, the more you need to know.

What is important is that your legal documents reflect your vision for your startup business. You need a lawyer that understands your business and what you want to achieve so you have the legal documents you need. This is vital to your success.

What is your vision?

Your vision is the driving force behind why you are going into business. It is what you want to be known for and the mark you want to leave in the world. When your lawyer knows about your vision they will know what is important to you and what to include in your legal documents to safeguard your vision. Can you clearly articulate your vision to others? It is important to write a vision statement for your business. Here are some thoughts:

  • What makes you passionate?
  • How will your business fulfil people’s wants or needs?
  • How are you going to structure the price for your goods or services?
  • Who is your target audience?
  • What are the goals for the first three months?
  • What do you need to achieve in the first year?
  • What does business success look like in three years?


Communication is key

Communication is key. Use clear, open communication with your lawyer. Do not be shy. Let your lawyer know the goals of your startup business. That way they will know exactly the legal documents you need to protect you and your business.

When you are new to the world of business, you may find it difficult to voice your goals. But do not let this hold you back. Do not be afraid to ask questions or to express your opinion. Remember, it is your startup business, and you need to tell your lawyer your vision or you will not get the legal documents you need. They are there to help you so help them to help you.

If you have trouble speaking up, prepare for each meeting. Write down the things you want to ask your lawyer. Go to your next meeting armed with the list of questions. That is what your lawyer is for. To talk over your concerns, ask questions and to give you good legal advice.


Get involved with the process

Get involved with the process while your lawyer drafts up your legal documents. Your lawyer will be happy to answer your questions and to have your input. After all, it is all about you and your startup business. Revise each draft to ensure the end result reflects your goals and the vision for your startup business.


Understand the legalities

Do you understand what you need to comply with to legally run your startup business? If not, then you need a full understanding of your obligations to ensure you do not put your business at risk.

Are you going to hire staff? Yes? Then you need to understand the occupational health and safety laws and employee standards. You also need to know what the laws are about discrimination; minimum pay rates; employee entitlements; tax and super for your employees. Have your lawyer draft up employee contracts. Or you may have a partner in the business so you will need a partnership agreement that outlines the responsibilities of each partner. Maybe you are going into business with someone and need a co-founder’s agreement.

These are the things you need to talk to your lawyer about. Once they have insight into your vision for the business, they will advise what documents you need.


Conclusion

Hiring a lawyer to draft legal documents when starting a business is vital for its success. But to get legal documents that reflect your vision for the business you need to communicate your thoughts, ideas and opinions clearly. Do not be afraid to speak your mind or to ask questions. That is what a good lawyer is for—to listen, ask questions and to give you good legal advice.

They need to understand your vision to draft the legal documents you need so do not be afraid to tell your lawyer what you want to achieve no matter how grand your vision!

As always, if you have questions or need clarifications, reach out for advice.





About the author 

Vivian Michael

As founder and lawyer at Michael Law Group, Vivian advises Australia's top entrepreneurs on business and employment matters. Clients benefit from Vivian's commercially focussed and pragmatic legal advice, business experience, and commitment to deliver the best quality business legal services to her clients.

{"email":"Email address invalid","url":"Website address invalid","required":"Required field missing"}

Sign up to our mailing list for useful resources and updates 🗞️

>