A startup demands a significant amount of time, energy and attention – often, this is reflected in the long list of activities that a founder must tackle daily, in order to keep the startup operational.
Don’t let organising legal documents drop further down your to-do list and take note of these critical legal documents for early stage startups.
So you think your startup is ready to go ahead with raising capital. Congratulations! The decision to raise capital is an important one. However, it involves navigating through the entrepreneurial ecosystem, and as a founder it can be difficult to determine which steps are right for you and your startup.
Have a business that provides goods or services on credit? If so, it’s quite possible that you have some customers that have fallen behind on paying their invoices. While it’s all well and good to give customers some leeway from time to time, cash flow is important to the survival of your business, not to mention the time wasting that goes into chasing up those pesky outstanding invoices from your customers.
In the age of rapid online growth, Bricks & Mortar is more relevant than ever. While, in 2017, traditional retail channels grew by only +2.5% vs. online at +18.7% (c.f. Australia Post, Inside Australian Online Shopping) we must consider the way in which those dollars were spent, and what infrastructure and technology enabled the transaction to happen.
Negotiating a commercial or retail lease can be a daunting and confusing experience for many business owners, and particularly for first-time tenants. In this article, we will break down the process and some practical aspects of lease negotiations. It is important for both parties to a lease to actively participate in lease negotiations to ensure that their interests are adequately protects and that there is sufficient clarity in the lease.
One of the first issues for you to get to the bottom of when negotiating a lease for your business is whether the lease is a commercial lease or a retail shop lease. To non-lawyers, this may seem like a minor or unimportant distinction and an unwelcome distraction from the substantive terms of the lease.
So why does it matter? The classification of your lease can have a significant impact on your rights and obligations under the lease, and how such rights can be exercised.
At some point almost all growing businesses will require a commercial or retail lease. As the ‘home’ for your business, commercial or retail premises provide you with a space and base from which you can grow and implement your ideas, Finding and committing to the perfect premises can be a daunting step, but can play a key role in your ongoing success.
Last year, around this same time, I made a little wager with a friend (let’s call him ‘Ollie’, because that’s his name!) on the outcome of the AFL Grand Final - he was on the Adelaide bandwagon, while I was with the Tiger Army. Unfortunately, in making this wager, I made a crucial mistake - I sealed the deal over a handshake, and not in writing.
It’s no secret that the line between work and personal life is becoming increasingly blurred, particularly in the startup world where founders, employees, advisors, investors and clients are often friends or connections beyond the boundaries of the business. In this environment, employee engagement in social media can be a powerful tool to help companies increase their reach and engagement online and can improve how their brand is perceived.
In late 2017, the Victorian government announced a sweeping set of reforms to the Residential Tenancies Act 1997, in an effort to ‘make renting fair’. These reforms have been passed by both houses of Victorian Parliament in the last fortnight, and are due for Royal Assent by the Govenor in the coming weeks, with the reforms to be rolled out progressively. With one in four Victorians renting, it is important for tenants and landlords to understand their legal footing in light of these new amendments.
At Law Squared, we are passionate about helping our clients ensure that they never end up on the front page of the news for the wrong reasons. As a firm of entrepreneurs and lawyers, we help our clients grow fast, and because we work within a network of like-minded businesses, who share our ethos and values, we know that you’ll get it when we say sexual harassment has no place in your business.
For the startup sector, it’s the good news we have been waiting for. After two years of anticipation, on 12 September 2018, the Federal Parliament passed the Corporations Amendment (Crowd-sourced Funding for Proprietary Companies) Bill 2017 (Cth). Crowd-sourced funding (CSF) is a form of funding that allows entrepreneurs to raise funds from a large number of investors.
Bad behaviour is an all-too-common occurrence in the legal profession - but why does it have to be? This behaviour is a by-product of a ‘big boy, big pants’ mentality that a number of practitioners have, and it is not beneficial for the profession. Clients want lawyers who work to achieve the best outcome and are solution-focused, not those who are intent on using difficult tactics to Intimidate, harassment and humiliate the lawyer on the other side.
Taking on a commercial lease might just be a much bigger commitment than you realise. Even the relatively small weekly rent of $400 a week can run to well over $100,000 during a five-year commitment. By having a savvy commercial lawyer look over your agreement, you create insurance against any minor issues blowing up into liabilities that your business doesn't need. You're also creating peace of mind that your business has a strategic headquarters to propel its future growth.
Buying a business is a lot like buying a car. It looks great, but there's a lot of funds behind the scenes that you can't see. Popping the hood on what looks like a Porsche is essential to ensure that you're not driving away in a lemon. Doing your due diligence before taking the plunge is key to ensuring that you don’t end up doing your dough.
Great candidates can be the difference between your business finding new opportunities and markets or a period of stagnation (or worse) while you sort out personality problems. As a start, it's important to think about what kind of role you are interviewing for and then plan your questions (and format of the interview) accordingly. Asking the right questions is your secret weapon for identifying the best candidates to take your business forward.