So, you’ve got a great idea for a new business? Congratulations! The likelihood is that now you’re ready to get underway with setting up your business and start trading. We know when it comes to legalities, the process can become daunting. But that’s where we come in.
We’ve compiled a list of the top eight considerations you will need to consider when starting your business.
Choosing the right legal structure for you
Are you starting up on your own or as a partnership? You need to know what your business’s legal structure looks like, as it will affect the legal process and who is liable.
You need to decide if you will be a sole trader, go into business as a partnership or set up a private limited company.
Identify who has control
Knowing who’s in control is essential when you set up a business. For a limited company, you will need to appoint a director, for example.
If you’ve structured your new business as a company limited by guarantee and have more than one shareholder, you need to ensure you have a Shareholders Agreement.
Trademark your logos and name
This is the exciting bit! The time to confirm your name and logo.
But before you start trading, you need to ensure your name isn’t already in use. With a quick search on the Companies House register, you’ll be able to see what is already taken.
It’s important to note that if you have decided to structure your new business as a company limited by shares or by guarantee, you need to take extra care in choosing a company name.
Keep accurate records
The amount of data to record can vary between being a sole trader and an operating limited company. Still, you must keep accurate financial records of your transactions, income, and expenses.
You don’t want to come to the end of the tax year and have to remember all of your records. It would help if you dedicated time each day or each week to keep on top of your records. You’ll thank yourself when you need to access them!
Make sure your business is compliant
You must ensure that you and your business meet compliance rules and that GDPR is always complied with.
If you are collecting data on customers, they need to be aware of it and give their approval – otherwise, you may be breaking the law.
You must also be confident that the data you are collecting about customers and suppliers is only as much as you need to meet the purpose for which it is being collected.
Get employers’ liability insurance
It’s an exciting time to recruit staff members for your business, and it’s a clear sign of growth.
However, you need to make sure you’re covered. You will need a policy from an authorised insurer to ensure you are compliant.
Get a solicitor on board
We’re not just saying it but getting a solicitor to help you set up your business will help you and ensure you’re constantly complying and keeping up to date with regulations change.
It can be hard to keep up with your legal responsibilities unless you have professional support to help you get it right – and we want you to get it right.
Choosing the right funding for your business
Irrespective of the legal structure you choose for your new business, you will need money to grow it. There is a range of funding available. You’ll just need to find the right one for you.
You will have access to investment, venture capitalists and crowdfunding. Our expert team can assist you with the legal documentation associated with this.
Working with us
We want to make the process of setting up your business as straightforward as possible. Our expert team work hard to make the process straightforward, so you can start trading!
Contact our Corporate Finance Team at Taylor Emmet Solicitors
Or we can call you back at a time of your choice.