Business law firms help protect and grow your business

Most business owners only seek out a company lawyer when they run into trouble. But this is an approach that needs to change, says David Sharrock of Sharrock Pitman Legal.

'It's worthwhile building a relationship with a commercial lawyer, as it can help you keep on track and improve the efficiency of your business at the same time," says David.

"Business lawyers are there to help you avoid potholes in the road, but if you do hit one, we're there to get you out of trouble."

1. Business law firms: the know-how

It can be particularly useful to get good legal advice when setting up a business, to create the right foundations on which your business will grow. Services offered by business lawyers include: 

• Buying and selling a business
• Asset protection
• Partnerships
• Trusts
• Franchising
• Incorporation
• Terms and conditions
• Guarantees
• Trading conditions.

For example, getting proper legal advice on the trading conditions you offer your customers and suppliers can help you avoid many potential problems down the track.

Likewise, commercial lawyers can advise you on the best way to structure your business. Will you be a sole trader, a partnership, a company or a trust? There are pros and cons to each option.

2. Commercial property

"A commercial or retail lease can be like a stick of dynamite," says David. "If you're not careful, it can blow up in your face."

David advises that it's wise to get any type of lease checked by a lawyer before signing on the dotted line. "Whether you are a landlord or a tenant, your lawyer may well be able to help you gain a position of greater strength with more advantageous conditions," he says.

A corporate lawyer is also an invaluable source of advice when buying or selling commercial property. Mortgages and property subdivision are two other key areas where a lawyer's advice is not only handy but often essential.

3. Employment law

"This issue affects every employer in Australia and, with significant legal changes on the horizon, all employers should take steps to find out how their rights and responsibilities may be affected," says David.

Commercial lawyers can provide useful advice on:

• Termination of employment
• Employment terms and conditions
• Employment agreements
• Industrial disputes.

4. Dispute resolution

"Staying out of court should be your key aim if at all possible," advises David. Instead, he favours negotiation via phone, letter or meeting to help settle disputes.

Common areas of dispute where a business lawyer can help include:

• Contract interpretation
• Franchising
• Partnerships. 

The bottom line? Legal advice may be costly, but getting it wrong will cost you far more in the long run.

So contact a company lawyer to find out how they can help your business stay on the right track.