North Shore Business Lawyer – Some Roles
A North Shore business lawyer is there to help primarily companies but also private individuals with legal issues that arise in commercial life. Common areas of work include forming a company, advising on the type of company to suit the owners, helping to raise capital for expansion, drafting and reviewing contracts and terms of trade, mergers and acquisitions, and some dispute resolution. Others might also offer services for employment law although this is a very specialised area so it is advisable to speak to a specialist in this area.
Business Structure and Ownership
This ought to be the first point of contact that a client has with a North Shore business lawyer. Before opening the doors, whether analogue or digital, business owners should talk to their lawyer about a raft of issues, not least of which is the type of company. How should the business operate? As a sole trader, a partnership, or a limited liability company? Each has its merits and demerits. Your lawyer will explain these and advise which is most appropriate for your situation.
They will then prepare the documents for the entity so that it can operate legally.
Another aspect of this area is how shareholders interact, or more specifically, what are the responsibilities of each i.e. directors’ duties. How will the directors manage the corporate governance and the responsibilities that come with owning or managing a business in New Zealand.
An area that is also important to address is Shareholder Agreements. This will state how and when a shareholder can dispose of their shares. This can be important if there is a major disagreement between them. Another common problem is when one director goes through a divorce. What happens to his shareholding in that situation? It is vital to address these possibilities before they arise.
Commercial Contracts
A business cannot operate without a contract for their product or services. It is important that a company trades with its own contract rather than adopting one from a supplier. The contract is there to protect the interests of that company. Do not rely on good relationships or the other party to take care of your interests.
Your lawyer will draft your own contract or terms of trade, or review one offered by a supplier or customer. The lawyer’s role is to minimise your risk.
Other contracts can be between your business and contractors, landlords, employees and service providers, each of which will have different rights and obligations. Make sure you are not caught out.
The lawyer can also negotiate a contract on your behalf. This is a core skill that they are trained in so make use of it. Payment terms, delivery obligations, product quality, confidentiality, liability, intellectual property, termination rights, and more ought to be part of your contract. A well-drafted contract can save misunderstandings and prevent expensive dispute litigation.
Mergers and Acquisition, Buying and Selling
Eventually, the owners of a business will want to sell or expand. They can do this by buying other businesses (acquisitions), selling their shares, or merging with another entity.
This is complex work and mistakes can be costly, involving millions of dollars. Therefore, it is important that you hire a business lawyer on the North Shore with a deep understanding of the work involved.
This involves carrying out due diligence, reviewing the proposed terms, identifying liabilities, negotiating the sale and purchase agreement, and eventually processing the relevant documents to complete the transaction.
Other issues can include the transfer of assets, leases, employment contracts, customer and supplier arrangements as well as a regulatory obligations.
Summary
For businesses located in areas such as Takapuna, Albany, Wairau Valley and the wider area, working with a local North Shore business lawyer can be convenient. The lawyer will have a good understanding of the local business environment as well as the relevant legal issues.
Whatever stage your business is at, from concept to selling, McVeagh Fleming in the centre of Albany, has a team of lawyers who can help with any aspect of business or commercial law. Contact them on the website.