Because of the complex regulatory and compliance frameworks governing companies in Australia engaging a lawyer early in the process is highly recommended. A lawyer will help you understand how your specific business needs can be met through establishing a company and whether it is the most appropriate option for your long term financial goals.

Engaging a lawyer to assist you in establishing your company can:

• ensure that you are adequately informed about the relevant advantages and disadvantages of each available business option such as a company, trust, partnership, sole trader or joint venture;
• help you to understand how your choice of a company structure will help or hinder your long term financial goals;
• assist with your application for registration of a company including drafting relevant documents such as the company constitution;
• reduce unnecessary administrative and compliance costs;
• help you to establish procedures for the ongoing management of your company including meeting all compliance obligations specific to companies in general and the industry in which you intend to operate;
• explain your legal obligations as a director to avoid any future claims being made against you personally;
• explain the role of a company member or shareholder and how the benefits of limited liability would apply to your particular situation and
• advise you on the best arrangement of your company for tax purposes in your particular estate and wealth management situation.

Seeking legal advice before you establish your business can help you avoid making mistakes. Having someone guide you through the process one step at a time can also save you substantial time and money.