5 legal documents your business needs right now
With so many business owners and leaders feeling uncertain right now, I am being asked daily what documents businesses need to have in place to protect themselves from further negative disruption and financial loss.
A motto I have in business and in life is: ‘prevention is better than cure’. And while many businesses have felt the impacts of crisis this year, it is not too late to put in steps to prevent further and unnecessary damage to your reputation, finances and trade.
Whilst specific legal documents vary depending on the type of business you are operating, overwhelmingly the following documents are without doubt, necessary for all businesses:
1.Business Terms and Conditions
Without business Ts&Cs, costly disputes and reputation damage can too easily occur.
Your business terms and conditions should be drafted specifically for your business, and tailored to suit your business’ individual requirements. They should be provided to your clients/customers in advance of providing your services/products, usually coupled with a quote or proposal. Businesses should take care to ensure they comply with the requirements under the Australian Consumer Law.
2.Website Terms and Conditions
Do you list your products/services on your website? You need website Ts&Cs.
A properly drafted employment contract can protect both parties from claims or complaints arising in the future, usually in relation to expectations of the employer, and entitlements payable to the employee.
5.Business Structure Documents
Need help getting your legals in check? It pays to chat with a business lawyer who listens to your needs and drafts documents and advice to suit the needs of you and your customers. You don’t have to figure out your legals alone, the right lawyer can support and empower you.
Tracey Mylecharane is a business lawyer with more than 17 years’ experience in the law, including six years as Partner. In 2019 she founded her own law firm, Tracey Mylecharane – Solicitor, a virtual practice with a focus on relationships and access.
Tracey specialises in working with new and established businesses to help get them set up properly, and to mitigate risks. Her supportive and non-judgemental approach puts her clients at ease and helps her deliver the right and best results for them. It is her want for business owners to understand their legal needs, so they don’t run into preventable issues down the track.
Tracey believes that prevention is better than cure, and when we take time to ensure a business’s legals are all set up correctly, the business and the business owners flourish.