4 Top Reasons Why a Commercial Lawyer Should be Part of Your Business Plan

4 Top Reasons Why a Commercial Lawyer Should be Part of Your Business Plan

Every business owner starts a business with two goals in mind. Usually, these goals are to make money and to be successful in his or her field. This might seem easy enough if you have a winning formula and a brilliant marketing plan. But what if something goes wrong?

Irrespective of the type of business you’ll be running, there will always be a certain amount of risk involved. One of the ways you can minimise the risk your company might be exposed to is by consulting one of the best business lawyers Melbourne has to offer.

Do You Need a Lawyer if All’s going Well?

Quite often business owners will only consider consulting a lawyer when a crisis occurs. But is this really the right approach? Wouldn’t it be more advisable to have a commercial lawyer involved from the onset? The answer is yes! Let’s have a look at why.

Identify Legal Compliance

Any engagement with factors such as employees, customers, suppliers or any other merchants is governed by certain ethical and even legal boundaries. There are certain things you can do and some you can’t. As a business owner you might have some savvy as to how things work in your industry, but do you have all the legal know-how?

That’s where a commercial lawyer steps in. A business lawyer will effectively ensure that trade laws are upheld, and business is conducted in a compliant manner between all parties involved. In short, your commercial lawyer will be able to advise you on the legal aspects of your business.

Assistance with Employee Contracts, Disputes and Grievances

There are various reasons that you might experience conflict from employees. The most common include the following:

  • Issues regarding salary or overtime payouts
  • Discrepancies regarding working conditions
  • Accusations of discrimination or unresolved conflict in the workplace

Conflict resolution may be one thing and something you’re skilled at, but setting up employee contracts and dealing with any potential grievances is quite another. When conflict or disputes occur within the workplace there’s a certain way the situation should be resolved. These steps can be summarised as negotiations, mediation, arbitration and if necessary, litigation. Unless you’re versed in commercial law, you might find it tricky to proceed through these stages without adding to the conflict.

A commercial lawyer will be able to guide and assist through the process in a way that not only abides by the law but also produces the best results. If you didn’t consult a commercial lawyer when contracts were originally drawn up, this is a perfect time to reassess the remaining contracts and make necessary changes.

Help with Laws Regarding Financial Transactions

Commerce can become very tricky if one of the parties don’t act within the confines of the law. Every time money is exchanged between parties, there are certain obligations. This applies when dealing with customers, banks and suppliers.

The bigger your business is, the larger your transactions are likely to be. This puts your business at risk if all the legal and financial angles aren’t covered. A commercial lawyer will assess the way you do business and ensure compliance as well as provide ways to safeguard your business.

With the increase in cyber-crime, it’s important to protect your business. A commercial lawyer will be able to assist you with the legal aspects of dealing with any data breaches or financial fraud that your company might have been exposed to.

Prevent or Advise on Possible Litigation

When your business grows and starts having many different facets, it doesn’t only increase your risk of conflict but also of potential litigation. When this happens, you want the best advisor on your team. Commercial lawyers will be able to advise you on the best way to proceed, with their experience helping you navigate difficult scenarios.

Whether it’s an international matter or a simple employee issue, you’ll have advice that protects your rights, your reputation and your vision. They’ll be able to provide guidelines that will reduce the risk of future litigation, something you can’t do on your own.

Assistance with Tax Obligations

No matter what the nature of your business is, there are certain tax laws your company will have to comply with. Tax laws are related to the income generated by the company, salaries and bonuses paid to employees as well as potential tax deductions. A commercial lawyer will assist you in ensuring that your tax obligations are met according to national laws.

Conclusion

When it comes to your business, it’s crucial to ensure you have all your bases covered. You don’t want a misunderstanding or honest mistake ruin your brand’s reputation. Enlisting the services of a commercial lawyer as early as possible will ensure that your business is compliant and minimise the risk of litigation and financial loss.

You can’t be an expert on all aspects of running a business. Safeguard yourself and your company by partnering with someone who knows how to protect your interests.

John Norwood
John Norwood is best known as a technology journalist, currently at Ziddu where he focuses on tech startups, companies, and products.