Legal Advice for Starting a New Business
Elle Brooks 24-06-2015
You have a wonderful concept for a new business and you want to put it into action. But there are many issues to consider, some of which you may not be aware of. If you are going to invest your time and money into starting a new business, it's important to get it right.
Read on for some pointers about what you need to consider.
How should your business be structured?
First of all, you need to decide how your business will be structured.
Will you be a sole trader, or are you entering into a partnership with someone else? Or perhaps a limited company or a limited liability partnership would be more appropriate for you. We can assist you with partnership agreements, or shareholder agreements, depending on what is most appropriate for you.
The most appropriate trading structure for you will depend on several factors, including what your business does, how quickly you are likely to grow and how you want to deal with tax. We can help you with all of these issues.
Is your business going to trade online?
If so, there are regulations and specific requirements about how you can enter into contracts with customers. If you are accepting payments online, you will have security obligations to fulfill in relation to client's bank details.
If you are going to be marketing online, you should also consider how to protect and control your business's social media profiles.
Where are you going to trade from?
If you are going to work from home, you may need advice on planning regulations or convenants in any lease affecting your home. There may also be certain tax reliefs you are entitled to.
If you need separate premises to trade from, should you lease them or buy them? If you want to buy premises, can you obtain the necessary finance? We have a wealth of commercial contacts who we can introduce you to, to assist with financing options.
You should also consider whether you need to make your premises safe for potential visitors or customers, whether you are trading from home or from separate premises. We can guide you though the steps you need to take.
Are you going to become an employer?
Even if you are going to be a sole trader, you may well need to take on employees at some point. You will need advice to ensure that you are fully aware of all your obligations.
You may consider taking on staff through an agency, in which case you may need advice about the agency's terms and conditions.
Intellectual Property & Data Protection
Does your unique idea need to protection as an Intellectual Property Right? Or could it potentially breach someone else’s intellectual property? Should you consider taking steps to protect your trading name? There are specific requirements under various items of legislation that need complying with.
Then there are your consumers: will you keep information on them necessitating Data Protection Advice?
At Samuels, we have extensive experience in assisting new enterprises and assisting with the expansion or restructuring of existing businesses, ranging from sole traders to companies of all sizes.
We work closely with other professionals such as accountants and tax advisers to ensure the best possible solutions to the management of your new business.
Contact us today for a free no obligation discussion about how we can help.