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HOME >LIFE EVENTS In Business If you are thinking about going into business, or are already in business, then you need to make sure that your business affairs are planned in a tax effective manner and also that your business is legally protected (so that it can grow and prosper).  Here are a few things that you need to think about: How will you structure your business? There are many ways to run a business. These include running your business as a sole trader, or in partnership with one or more other people. You may wish instead to set up a company, and you could also give consideration to setting up a Family or discretionary trust.  The way you structure your business will depend on the nature of your business, how large you believe it will grow, and your own affairs. For instance, as a sole trader, you bear all of the risk of your business personally (for instance, for debts and being sued), whereas if your business is incorporated, the company ‘shields’ you to a large extent from the debts and liabilities of the business.  Spending the time and money to get the right business structure for your business now can save you far more because you will have a tax effective business structure and legal protection for your personal assets. We recommend that you talk to a lawyer who specializes in this field. There are also tax advantages in different structures. You may wish to be able to distribute income earned by the business to various family members, for instance. Discretionary Trust deeds may be of assistance here.  Also you may be eligible to establish a self managed super fund to gain tax concessions on your savings for retirement. Consider protecting your business name, logo, and any inventions/ideas by getting registered trademarks or patents. There are various requirements that are compulsory, such as registering your business name (unless you are a company) while other forms of registration, such as protecting that name by trademark, are optional. However, when you are in business, you need to safeguard your intellectual property from being copied or used by competitors. If you do this by getting a trademark, or if an invention/idea, by getting a patent, then you legally prevent competitors from unlawfully using the things that make your business successful. For a full discussion on what you need to do, from registering your business name, through to applying for a trademark or patent, see our FREE information and tips. In the Patents and Trademarks Legal Channel: Your Business Identity: Trade Marks, Company, Business & Domain names Registrable Trade Marks Protecting your Identity: Trade Mark Registration Benefits of getting a Patent In the IT and E-Commerce Legal Channel: Internet Domain Names & Trade Marks Legal requirements & Recommendations for Web Sites When employing or contracting workers for your business consider getting contracts with them that state: the terms of the work (for instance, payment, scope of work, term etc) and  other essential items (such as who owns the copyright in the work done - don’t assume it’s the business owner!, confidentiality, restricting workers from using your business ideas and concepts with a competitor, etc).  For more information on employees and contractors, see our FREE information on Employees and Contractors contained in the IT and E-commerce Legal Channel. What do I need? You need: Advice on what type of business structure is most suitable for you, both from a tax perspective and from a legal perspective.  You need to legally protect your business name, logo and any inventions/ideas  If you will be employing staff or hiring contractors, then you should have contracts in place that state the terms of engagement and which protect your business in the event that they should leave. If you would like to discuss these issues with a Lawyer who specializes in this area, then please contact Peter Janssen for an obligation FREE chat. What happens if I don’t do anything? If you don’t have the right legal framework for your business, you leave yourself open to: Be sued or personally liable for your business Be copied by competitors Pay more tax than may be necessary Have staff and contractors who own or take valuable information and ideas away with them Back to Life Events Home Page Browse the IT & E-Commerce Channel... Information and Tips Library - includes our comprehensive Legalmart Dictionary and handy links. True Stories Browse the Patent & Trade Marks Channel... Information and Tips Library - includes our comprehensive Legalmart Dictionary and handy links. True Stories Browse the Superannuation Channel... Information and Tips Library - includes our comprehensive Legalmart Dictionary and handy links. True Stories       This website is intended to provide general information only. It does not purport to be a comprehensive advice. If you want legal advice, you need to contact a Solicitor or you can access Lawyer Support within a service, usually for a fixed fee. No responsibility is accepted by Legalmart or its affiliates for the accuracy or omission of any statement, opinion, or information on this site and readers should rely on their own enquiries in making any decisions regarding their own or their client's interests. Site visitors should also note that any information that is limited to a particular state of Australia may not be applicable in other states of Australia. The Intellectual Property on this Website including rights in respect of copyright and patents are owned by Ezylaw Pty Ltd and operated under licence by Legalmart.corp® Pty Ltd ABN 99 081 698 937. The Quicklaw conveyancing service is owned and operated by a separate entity, Do It Yourself Conveyancing Kits Pty Ltd ABN 64 007 327 291 operated from www.quicklaw.com.au and Legalmart takes no responsibility for this service. © Copyright 1999 - 2011 Ezylaw Pty Ltd. All Rights Reserved. Neither the concept or functionality nor the layout or wording contained in or represented by this site can be copied or used in any way whatsoever without express written consent from the owner. All offenders will be prosecuted.

4 February, 2012 Testimonials DO YOUR  BUSINESS  AGREEMENT  ONLINE NOW SAVE TIME & MONEY! * Fully interactive * Easy step-by-step guide * Lawyer Support  * 24 hours a day access * Document emailed to you in minutes CONFIDENTIALITY AGREEMENT (Single Use) $49.95 incl. GST Protect your ideas! CONFIDENTIALITY AGREEMENT (Unlimited Use) $129.95 incl. GST Receive the Confidentiality Agreement in Word format with permission to re-use the copyright. CONTRACTOR AGREEMENT (Single Use) $89.95 incl. GST Avoid disputes! CONTRACTOR AGREEMENT (Unlimited Use) $229.95 incl. GST Receive the Contractor Agreement in Word format with permission to re-use the copyright. DO YOUR SELF  MANAGED SUPER FUND ONLINE NOW SAVE TIME & MONEY! * Fully interactive * Easy step-by-step guide * Lawyer Support  * 24 hours a day access * Document emailed to you in minutes SELF MANAGED SUPER FUND $325.00 incl. GST To purchase, follow these steps: 1. Select your State: QLD NSW VIC SA WA TAS NT ACT 2. Click the BEGIN button: