Setting up a Business
If you have a realistic idea, you may want to develop it into a business. However, when setting up your own business there are many potential legal issues you need to be aware of. Behind every great business is a great solicitor, who ensures that any possible problems are identified quickly and can therefore be avoided.
Their guidance covers a wide range of topics including finances, insurance, shares and licenses, allowing you to protect your business from losing money and maximise profits. Your business will need a good cash flow in order to avoid getting into debt, so they will aid you if you find your partners are failing to fulfil their part of the deal. Any required licenses can be arranged and they can explain the process of issuing shares. If your business is part of a franchise then they will check that you are not receiving a bad deal.
The first action to take when setting up a business is registering your intellectual property. This ensures that your business ideas cannot be stolen, and you could also receive money if anyone uses them. Once you have completed this step you will need to come up with a business plan and thoroughly research your market so you know that your idea will sell, and if required you should then develop your product/service until there is a demand for it.
When you know your business has a place in the market then you need to research possible partners and suppliers. This is a very important stage and you may need to enter legal agreements on a range of topics. A solicitor can aid you by explaining and choosing the best options for your specific business needs. A business partner helps share the workload and makes use of their specialised knowledge, allowing you to focus on your own skills. For a supplier you will want to negotiate a suitable price and build up a trustful relationship. You will also need an equipment supplier in order to run your business smoothly.
To maximise your position in the market, it is recommended to have a website for your business. You could sell the product through the website, as well as organising with distributors to make it available in shops.
Securing premises can be a complicated affair, so a solicitor can help sort out the legal aspects surrounding your purchase/lease, ensuring you receive a fair deal without risks to your business. They will be able to provide you with a comprehensive explanation of all the potential issues that could occur, such as an increased rent cost or the implications of mortgaging your home should you decide to do that in order to fund your business.
If running your business from home is what you want to do, you may have a number of further issues to negotiate including a separate insurance deal, paying business rates, tax payments and possible permission requirements. To guarantee everything you do is fully compliant with the law your solicitor should guide you along with the process.
Running the business
After all preparations are complete and you have premises, you will need to decide on the suitable legal structure for your business and then register for tax before you commence trading. Because the choice of business structure affects significant aspects such as tax, risks and the control you have over your business, you should seek support to help ensure you get exactly what you want.
Employing people for your business can be complicated, and if your contracts are not made clearly and correctly then you could experience any number of disagreements. A solicitor will be able to check your contracts beforehand and keep your business protected from any possible disputes. In order to hire people you must register as an employer with HMRC.
Insurance is also vital to protecting your business, both to damage and if any issues such as a work-related injury occur. At this stage a solicitor can guide you on the best way to respond to such events, and also monitoring risks that you may need protecting against.