Starting or selling a small business can be thrilling—and legally complex. Here’s a breakdown of the key steps and legal considerations to set your venture up for success:
Planning Your Business Structure
Choose between sole proprietorship, partnership, company, or trust. Each structure impacts:
- Liability
- Tax obligations
- Future ownership transitions
Consulting both a solicitor and accountant ensures your business structure aligns with your goals and risk profile.
Buying or Selling an Existing Business
Before you sign anything:
- Buyers need full due diligence—check licences, leases, financials, IP rights, and competitors.
- Sellers must consider tax, employee entitlements, and disclosure obligations, and clearly define assets like stock, goodwill, fixtures, and post-sale support.
Franchise Considerations
Buying a franchise involves:
- A strong brand and proven systems—but upfront and ongoing fees apply.
- You’ll need to do due diligence on brand reputation, fees, premises suitability, and business procedures.
Setting Up (Not Buying) a Business
Key starting steps include:
- Choosing and protecting your business name via trademark
- Selecting the right location (stay tuned for our future guide)
- Deciding whether to lease or buy premises
- Securing funding and insurance
- Determining your staffing model
Finance and Insurance
Essential protections include:
- Workers’ compensation insurance
- Consider additional cover: public liability, property damage, business interruption
- Loan agreements often require personal guarantees—review these with your solicitor
Ongoing Business Operations
Key legal areas to monitor:
- Employment law
- Intellectual property rights
- Debt recovery
- Superannuation obligations
- Consumer protection and fair trading
Final Takeaways
From inception to exit, legal guidance is invaluable. A solicitor helps you:
- Protect your interests
- Avoid hidden liabilities
- Navigate commercial and regulatory requirements
- Ensure smooth transitions and compliance
How Ensure Legal Can Assist
Ensure Legal, a Brisbane-based property law firm, specialises in supporting small business owners across all legal dimensions.
With Ensure Legal at your side, your business—whether you’re starting, expanding, franchising, leasing, or selling—will be set up to thrive with confidence and clarity. Get in touch today to explore how we can safeguard your entrepreneurial journey.
Our business purchase and sale legal services can help turn this checklist into a transaction-specific legal plan.
