Legal Tips for Running a Successful Fashion Business

1 July, 2015
Posted by Jennifer

Protect your intellectual property

Protecting your intellectual property is one of the most important things you can do. If you don’t protect your creative work by registering your trademark, your domain names or business name others might use them without your permission. Studio Legal can help you understand intellectual property protection – give us a call if you need assistance.

Choose the right business structure

It is a good idea to put thought into the structure of your business early on. There are several possible corporate structures under Australian law and each structure creates different protections and benefits. You should seek to employ a structure that effectively separates your business liability from your personal liability. An effective structure can protect you from losing everything if business takes a turn for the worst.

Seek legal assistance with drafting contracts

Employ assistance to draft contracts to protect your interests and anticipate legal risks in the fashion business world. Make sure your contracts include a ‘romalpa clause’ or a ‘retention of title clause’ that allows you to retains ownership of your goods until full payment is made. Register your property interests on the Personal Property Securities Register. Effective contract management is important to raising a profit from your work. If you can, consider employing a contract manager.

Adopt suitable accounting structures

Accurate accounting can lead to a more profitable business, allow you to control your cash flow, make it easier for your to access external finance. As your business expands you will need to continually reforecast and monitor your cash flow. Investigate ways to simplify your record keeping; consider installing and using accounting software for business.

Standardize your business documents

Standardized business documents can improve accuracy, save you time, and project a professional image of your business. Standardize your legal documents, your accounting records and the correspondence you send to clients.

DISCLAIMER

The information in this article is of a general nature. It does not constitute formal legal advice, and should not be relied on as such. Please see the full disclaimer in our website terms. Please contact Studio Legal if you are seeking advice about a specific legal matter

For further information on fashion law or running a fashion business, please contact hello@studiolegal.com.au or phone the office 03 9521 2128.

Written by Studio Legal (C) 2015.