Business
Understanding Phantom Share Option Plans
Phantom Share Plans (PSS), also known as shadow equity plans or phantom stock plans, are designed to replicate the benefits of share ownership without granting actual equity to employees. it
Starting a new business is an exciting venture, but it also comes with a range of legal complexities that can be overwhelming for new business owners.
Engaging a startup lawyer early in the process can save you time, money, and potential legal headaches down the track. Here are three key reasons why every new business needs a startup lawyer.
Choosing the right business structure is one of the most critical decisions you’ll make as a new business owner. A startup lawyer can help you navigate the pros and cons of different structures, such as sole trader, partnership, company, or trust.
This ensures your choice aligns with your business goals and minimises risks.
Tax Implications
Different structures have varying tax obligations and benefits
Liability Protection
A company structure, for example, limits personal liability
Future Growth
The right structure can accommodate future expansion or investment
Without proper legal advice, you risk choosing a structure that may expose you to unnecessary liabilities or limit your ability to scale your business.
Your intellectual property (IP) is one of your most valuable assets as a startup. Whether it’s your business name, logo, product designs, or proprietary technology, protecting your IP is essential to maintaining your competitive edge. A startup lawyer can assist with:
Failing to secure your IP can lead to costly disputes or even the loss of your competitive advantage.
Contracts form the backbone of any business relationship, whether it’s with suppliers, customers, employees, or investors. A startup lawyer can draft and review contracts to ensure they are legally sound and protect your interests.
Key areas include:
Employment Agreements
Outlining employee rights, responsibilities, and confidentiality obligations
Supplier Agreements
Defining terms for goods or services provided to your business
Shareholder Agreements
Clarifying roles, responsibilities, and dispute resolution mechanisms among shareholders
Poorly drafted contracts can lead to misunderstandings, disputes, or even litigation, which can be costly and time-consuming for a new business.
Starting a business involves more than just a great idea. It requires careful legal planning to set a strong foundation for success. A startup lawyer can provide tailored advice to help you structure your business, protect your intellectual property, and draft robust contracts.
By addressing these key areas early on, you can focus on growing your business with confidence.
Contact us for a free consultation
We provide legal advice to business and individuals across Australia, no matter which State or Territory you are located. Our easy-to-access, online legal services mean that you can talk to our lawyers wherever you are, at a time that suits you.
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