When you are first setting up a business it can be quite daunting as there are a lot of issues to deal with. However, it is important to know what is appropriate for your business and any legal issues that need to be covered before you start. Knowing about this now will help you to avoid a lot of problems later on!
Check the name
It sounds obvious but a lot of companies establish businesses without realising the name is already taken. A quick look on a search engine can cut out a lot of hassle later on.
Who owns what?
It also sounds obvious but this can help prevent issues later – in simple terms you need to have an agreement with the people you work with. If someone is investing in your business you have to be clear what their percentage of the company is and what returns they are expecting.
Are you a limited company?
You can avoid higher taxes and liabilities if you establish yourself as a limited company. While you can register this yourself it is worth using a legal professional to ensure this is set up properly.
While templates of contracts are available these may not always apply to all industries. It is important to tailor them to the needs of your particular industry, providing protection for both you and your clients. For example, you may want a non-disclosure agreement to prevent anyone passing on confidential or sensitive information.
This should also extend to handbooks for your employees (if you have them) as this should set out information such as holiday time, health and safety policy and so forth. If you do not have handbooks you could fall foul of the law so it is important that you get these put in place.
Get specialist help
A common mistake is to use legal professionals to set up the business who can help but may not necessarily have the specialist experience you need. For example, if you are setting up a franchise then it is best to use a legal representative who is experienced in franchise law. If you are drawing up contracts, then a specialist in contract law will ensure that you have the necessary protection.
As stated before if you are starting up a new business this can seem overwhelming. However, it does not necessarily have to be the case as a good legal professional should be able to help you through the process and guide you as well as getting all the necessary paperwork done.
At Larcomes we believe in being “big enough to specialise and small enough to care” so you can be sure your business will have the resources you need while at the same time having someone there who is willing to look out for you.
For more information please contact us today so we can discuss your start-up’s legal needs in more detail.