Small Business Lawyer Ipswich

Starting up, and getting the structure right

The cheapest decision to change is the one you have not made yet.

Sole trader, company, trust or partnership is not a tax question with a legal footnote, it is both at once, and it decides how exposed you personally are when something goes wrong. A sole trader carries unlimited personal liability.

A company puts a wall between the business and your house, provided you keep the wall intact and do not personally guarantee everything anyway. A trust can help with distributing income and protecting assets but costs more to run.

A partnership deserves particular care, because partners are liable for the partnership's debts jointly, so your partner's contract becomes your problem. Restructuring later is possible but attracts tax and duty consequences, so it is worth half an hour now.

Book your free consultation

The documents that do the work

Four of them cover most of what a small business actually needs.

Terms of trade, which set your payment terms, allocate risk, and let you register a security interest on the PPSR over goods you supply on credit. A client or supply contract that describes the scope, the price, the variations and how it ends, because most disputes are really about scope.

A lease, which for many businesses is the largest financial commitment they have, and where the rent review, assignment and make good clauses matter more than the headline rent. And, if there is more than one owner, a shareholders or partnership agreement setting out who decides what, how profits are shared, what happens if someone wants out, and how the business is valued when they do. Written when everyone is getting along, it is cheap. Written afterwards, it is a negotiation.

Talk to a commercial lawyer

Buying, selling and the day it goes wrong

Due diligence, and then the disputes nobody planned for.

When you buy a business, the first question is whether you are buying the assets and goodwill or the shares in the company, because shares bring the company's entire history with them. Then due diligence: the lease and whether it can be assigned, security interests registered against the plant, the contracts and licences the business depends on, and the employees, whose entitlements on a transfer are partly set by statute rather than by the sale contract.

Restraint of trade clauses matter here too, and they are read differently across states, so a template drafted for New South Wales may not do what you want in Queensland. When something does go wrong, whether that is an unpaid debt, a contract dispute or a falling out between owners, we will give you an honest read on the merits, the likely cost and whether the other side can pay, before you spend anything on being right.

Book your free consultation

"I simply can’t thank and commend Richie, Steven, Renata and the whole team at Stanford Financial enough for making my mortgage refinance as smooth as humanly possible."

Dan

Stanford Financial Client

"We are so Blessed with our new Home. Thanks to Stanford Legal, Laura was a joy to communicate with anytime we needed to enquire. Quick, reliable and very Trustworthy."

Katrina Emberson

Stanford Legal Client

"We are beyond grateful for Richie and the team at Stanford! 🙌🏻 Through every hurdle and challenge, they went exceptionally far to help get our application through."

Khirsten Mamangun

Stanford Financial Client

"One thing I always love and look for when choosing people to guide me is how much time and presence they give. They treated us like we were the only client they had."

Dragica Radosavljevic

Stanford Legal Client

"All the team at Stanford were good to deal with. If you're a Veteran struggling to get a loan approved because you're on Incaps, or Super, speak to them."

Stewart S

Stanford Financial Client

"This is the second time we’ve used stanford financial, and once again the experience was outstanding."

Blake Whitehead

Stanford Financial Client

"Phenomenal service. Thank you to the Stanford Legal team for all your help & guidance."

Bryony Winsor

Stanford Legal Client

"I can’t recommend Stanford legal enough. All 3 property sales have been seamless, professional and efficient. The team are amazing and will look after you."

Christie Johnston

Stanford Legal Client

"The team at Stanford Financial are brilliant! I was referred to them by a friend and dealing with them has been a fantastic experience."

Andrew Bell

Stanford Financial Client

"I honestly can't thank the team enough at Stanford Financial, especially Richie and Mitch! They both went above and beyond to get my finance sorted, and they did it all within 24 hours!"

Jamie Harris

Stanfor Financial Client

QUESTIONS

Frequently asked questions

Can't find the answer you're after?

Book a call

Should I be a sole trader or a company?

A sole trader is cheap and simple, but you are personally liable for everything the business owes. A company limits that liability and is usually worth it once you have employees, real contracts, premises or a second owner. It costs more to run and directors still carry duties and some personal exposure. The right answer depends on risk and tax together, so we work through it with your accountant.

What are terms of trade and do I need them?

They are your standard conditions of doing business: payment terms, interest on late payment, who carries risk, warranties, and how disputes are dealt with. If you supply goods or services before being paid, they are the difference between a debt you can enforce and an argument. They also allow you to register a security interest on the PPSR, which is what protects your goods if a customer goes under.

What is the PPSR and why does it matter?

The Personal Property Securities Register records security interests over assets other than land. If you supply goods on credit, lease equipment or take security, registering protects your priority. If you do not register, an unperfected security interest generally vests in the customer on their liquidation, which means you lose the goods and join the queue of unsecured creditors.

Can you review my contract before I sign it?

Yes, and that is usually the best value work we do. A fixed-fee review tells you what you are agreeing to, which terms are outside market, and what to ask for. It is worth knowing that standard form contracts with small businesses are subject to the unfair contract terms regime, which asks whether a term causes a significant imbalance, is not reasonably necessary to protect a legitimate interest, and would cause detriment if relied on.

What does a shareholders agreement do?

It governs the relationship between the owners: decision making and what needs unanimous consent, how profits are distributed, restrictions on selling shares, what happens on death, disability or a departure, how the business is valued, and how deadlocks are broken. A company constitution does not cover most of that. Without one, a falling out between two equal owners can paralyse a business.

Do I need a lawyer to buy a small business?

For anything with a lease, employees or meaningful plant, yes. The purchase contract is one document but the risk sits in the assignment of the lease, the security interests registered against the assets, the employee entitlements and any restraint on the seller. A short due diligence exercise is far cheaper than discovering the lease cannot be assigned after you have paid.

Can you help with an employment issue?

We can help with employment contracts, contractor agreements, restraints and the employment aspects of buying or selling a business. For a contested unfair dismissal or a complex industrial matter we will tell you honestly if you would be better served by a specialist, and we would rather say so early than learn on your file.

How quickly can you turn work around?

A contract or lease review is usually a few business days, and faster if you are up against a deadline and tell us. Company set-ups and terms of trade are typically a week. If something is urgent, say so when you call 0483 980 001 and we will tell you honestly whether we can meet it.

Small business lawyers in Ipswich and Springfield

Starting up, and getting the structure right

The documents that do the work

Buying, selling and the day it goes wrong

Looking for a different commercial service?

Leasing a property

Buying a property

Selling a property

Conveyancing

Succession planning

Property law

Wills and estates

Commercial law

Held to the standards the profession sets, not just our own.

Priced for the size of the decision

Meet your expert mortgage broker team

Logan Stanford

Victoria Eastwood

Janelle May

Jo-Anne Furlong

Laura Stuart

Ryder Simms-Reeve

Trusted by families across South East Queensland

Frequently asked questions

We're here to help you.