Manukau Commercial Lawyers – Supporting Local Businesses
Entrepreneurship in New Zealand is booming which means that Manukau commercial lawyers are necessary for businesses to operate smoothly. Commercial lawyers can help new and established companies manage their commercial operations and functions to comply with the complex legal framework in New Zealand.
The Role of Manukau Commercial Lawyers
Manukau commercial lawyers are not the same as business lawyers. A commercial (or corporate) lawyer will advise clients on matters related to corporate structure, administration, and management. Business law on the other hand refers to functions within an enterprise such as drafting contracts, intellectual property protection, tax, and employment issues like Agreements, Job Descriptions, restructuring etc.
The Importance of Commercial Lawyers in Manukau
People within the country often say that it is difficult to do business in New Zealand yet, according to international surveys, it is the easiest country in the world to carry out business. Even so, the role of commercial lawyers cannot be overemphasised. They offer strategic advice and legal support, steering businesses towards growth while mitigating potential legal pitfalls.
1 Company Formation
When creating a business, one must carefully consider the legal aspects of formation of the entity. They will provide valuable advice on which entity types will best suit the intended goals and structure of the business.
When businesses create an entity, they must consider tax responsibilities, personal accountability, and financial expansion possibilities. Each of these can be substantially influenced by the type of entity chosen. Commercial lawyers in Manukau will have a extensive expertise and understanding of corporate law, so that they can advise business on structures that will suit the owners and the organisation’s objectives..
This can be as a sole trader, a business partnership, or a Limited Liability Company (LLC). Each has different requirements and commitments.
Your lawyer will help you register your business entity with the Companies Register.
2 Mergers and acquisitions (M&A)
One of the more common ways to expand, or to take a competitor out of the market is through M&A. Even at their simplest, they require a substantial amount of legal work. For bigger transactions, they are complex deals that require a lot of legal expertise, and paperwork. To navigate through the process, companies rely on commercial lawyers who can assist them in complying with regulations and safeguarding their interests.
3 Planning Your Exit Strategy
Some business gurus argue that you should have your exit strategy as the initial focal point of setting up your business, however this is not common. Most people see an opportunity that they can exploit, or an endeavour that they enjoy, and start their operations from those standpoints.
Inevitably, after a while, if the enterprise becomes successful, there will be approaches from another company, or the owners will want to move out of the operations. They owners may be getting bored, tired, divorce, disagreements with the direction, or outgrown their skills.
Whatever the reason, there needs to be an exit strategy.
A common one is a Shareholders’ Agreement. If there are two or more owners, then a Shareholders’ Agreement will state how the owners can dispose of their shareholding. This means that they can still retain control over the general running and ownership of the company, rather than an unknown person coming in to take control.
A common situation for this is divorce. If one of the owners is separating, their shareholding will usually go into the relationship assets pot to be shared by the two spouses. This can cause a significant shift in ownership of the company.
A commercial lawyer will advise the directors about this, and other possible situations and draw up a Shareholders’’ Agreement so that each can dispose of their shares without causing significant disruption to the company.
Finding A Manukau Commercial Lawyer
There are numerous law firms in the are but one of the bigger firms is McVeagh Fleming in Manukau city. They are part of a three-location law firm operating across the Auckland region. If you need a Manukau commercial lawyer, you can find out more from their webpage here.