South Auckland Company Lawyer – Why You Need to Talk To One
If you are in the Manukau area and are starting up a new business or buying an existing business, it will be beneficial for you to consult a south Auckland company lawyer. Whether you are planning to be self-employed, employ people, or control a business, it is highly advisable that you are at least aware of certain legal issues but more importantly, that you have a reliable south Auckland company lawyer that you can work with.
Do You Know These Issues?
Below are a few legal issues to be aware of:
- If it is an existing business, what income has it generated in the past?
- Why is it being sold (i.e., is the lease expiring, is business declining, is there a tough new competitor on the scene, are local council activities affecting the business)?
- Will you own the business as a sole trader, in partnership, as a limited liability company, or as a trading trust?
- Are there any lease conditions?
- Does the business involve a franchise arrangement?
- What will your tax liabilities be?
- Will you agree to take on all existing employees?
Buying Existing Businesses
If you are buying a business, it is essential that your lawyer reviews the agreement for sale and purchase. Most transactions use the NZLS agreement, but often additional clauses are inserted. This review will give you the best protection before your buy.
- inspect the documentation of the business (including the financial records and annual accounts).
- get appropriate warranties from the seller (such as financial warranties and warranties relating to the assets).
- check the location and condition of assets and stock.
- and may include a clause restraining the vendor from setting up a similar business in competition.
Purchase Agreement
The agreement should also identify any conditions to be fulfilled before the sale is complete, such as getting the approval of the landlord to the assignment of the lease.
If you are starting up a new business, your lawyer can check any lease and finance agreements that you are considering, advise on the best business structure for your needs and put you in touch with expert advice on areas such as tax and finance.
Why Use A South Auckland Company Lawyer?
All business involves an element of risk. A lawyer can minimise the elements of risk and help prevent damage to your income. Here are some of the ways in which a lawyer can help your business:
Prudence
Lawyers act for many people in the same situation. They can offer advice on all aspects of your business, drawing from their experience to help you avoid the pitfalls.
Licences and approvals
Many businesses need licences or can be operated only by people with particular qualifications. Other businesses or business locations require licences or approvals such as resource consents. Lawyers familiar with these matters and often can give an early indication of whether you are likely to get the necessary licence or approval. They can help prepare and present your licence application. Even for very common licences, such as for liquor, care is needed to ensure that the application is exactly correct.
The structure of your business
It is very important to consider what type of business structure will suit you − whether it should be a partnership or a company, or whether you should trade on your own.
Franchise
Buying and operating a franchise can be a very effective way of going into business, however there can be some pitfalls and it’s very advisable to get a lawyer to look over the agreement for you.
Selling Your Business Or Going Out Of Business
Many of the matters already mentioned in this brochure will be relevant when it comes to selling your business. From time to time even businesses in financial difficulties will sell at a better price following the advice of a lawyer.
Be Smart – See Your South Auckland Company Lawyer First
It is essential to get independent legal advice. A good south Auckland company lawyer, like McVeagh Fleming, will advise you about the legal risks of your enterprise. They can also carry out due diligence before you commit to the purchase. They will effect any of the legal documentation involved include the sale and purchase agreement, property leases, Employment Agreements, and many more.