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For entrepreneurs or those wanting to become one, it is best to be aware of all potential issues that might arise, as well as which legal services you may require. Often enough, there are some issues that would never cross your mind until they crop up. Depending on the type of industry you are in, most of these issues may be legal. This is why you should always ensure you consult a lawyer before you start a business so that your venture does not end before it has started. There is plenty of free legal information online, but it is best practice to consult a lawyer as they will be able to tailor their advice to your business. This article will explain the most important legal services you will need as an entrepreneur in New Zealand. 

Most Important Legal Services

Intellectual Property

It is important to be aware of all intellectual property considerations when you start your own business. Often, entrepreneurs will start in the tech space, so intellectual property legal services can help you to protect your intellectual property. This will be especially important if it is your point of difference. An intellectual property lawyer can tell you the best way to protect your technology, such as through a patent.

Employment Law 

As an entrepreneur, you will likely be hiring employees for your business. Therefore, you must be aware of any employment law considerations, such as how employees should sign an employment contract. An employment contract is a legally binding document entered into between an employer and an employee. It will outline employees’ rights and what steps they should take if they wish to terminate the agreement. However, you can enshrine certain rights in law that are implicit in employment contracts. This includes issues like break times.

Capital Raise

If you have plans for growth for your business, then it might need an injection of capital. This usually comes in the form of investors who are willing to invest in your business. To convince investors, you will need to pitch to them why your business will be successful. A lawyer will be able to help you with the legal considerations that come up with raising capital. You will also need an investment bank to help you with the capital raise.

Disputes 

An important legal service that you may need as an entrepreneur is dispute resolution. You will likely end up in many disputes during your business career. Having a lawyer who can help you through dispute resolution will help you save time and money. Dispute resolution practices that you should consider undertaking when in a dispute include practices such as mediation. This involves a third party mediator facilitating conversation so that both parties can come to a compromise.

Alternatively, you can go to arbitration to resolve a dispute. Arbitration is where an independent referee will decide on the matter once they have heard both sides of the story. Arbitration is less formal and much cheaper than court.

Contract Law

As a business owner, you will be entering into several different contracts that all have different legal bearings on your business. These contracts might relate to supply or distribution. It is essential that your contracts are drafted in the best possible way so that if there is a dispute, you can enforce them in court. If your contracting party breaches a term of the contract, you can take them to court and seek damages. Alternatively, the courts may enforce an agreement that a contracting party is not abiding by.

Key Takeaways

There are certain legal services entrepreneurs will need to consider in New Zealand. Most of these relate to administrative services, but there are certain services that you will need when you are growing your business. For example, suppose you are raising capital from investors. In that case, you will need to ensure you have a lawyer who can walk you through the legal process of bringing on more investors to your business. For legal assistance with managing your contracts, contact LegalVision’s contract lawyers on 0800 005 570 or fill out the form on this page.

Frequently Asked Questions

Can I contract out of employment law regulations?

No, you cannot contract out of any employment law provisions enshrined in law, so you must follow them.

Do I have to follow a dispute resolution process in a dispute?

No, you can go straight to court, but this will be the most time consuming and expensive option.

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