When you are getting started in business, you want to focus on what excites you. Thankfully, what excites us is helping you and your business to succeed! Of course, there are some legal requirements for a startup. As your startup lawyers in Canberra, we know that many new business owners are so busy they do not have time to implement them. We’ve packaged up what you need to know and we’ll partner with you to understand what is required.

What is a startup?

A startup can be difficult to define. It is more than a new small business, and is usually connected to innovation. Common features of a startup are:

  • Designed to grow fast
  • Often seeks funding from the outset, via capital from investors rather than a loan from the bank
  • Begins with an exit strategy in mind

What legal services do startups need?

Because startups grow quickly, it is important that they have their legal ducks in a row from the outset. Your business structure and protections need to keep up with your growth.  The types of legal advice startups need include:

  • Structure advice, including setting up a company, dual company structures and the use of trusts to hold shares
  • Raising capital – this can include making sure the company set up allows outside investment, loan agreements for family investment, subscription agreements and terms sheets for investors
  • Issues around employing staff and engaging contracts
  • Dealing with customers and suppliers
  • Protecting your intellectual property