Setting up your business

Setting up your own business can be a daunting and overwhelming task. Whilst you may have refined your business concept, laying the right legal foundations for its launch are equally, if not more, important. You will need to consider:

• What is the most appropriate structure for your business venture? Options include a limited liability company, sole trader, traditional partnership or limited liability partnership (LLP).

• How will you document the structure of your chosen vehicle? If it involves other persons as investors, lenders, shareholders or business partners, it is important to document the terms of the relationship, even if they are friends or family members.

• What is the best way to finance the business? Consider carefully not only the amount of money lenders or investors will provide but also the security they may request, especially if you are being asked to put your personal assets at risk.

• Can you use your preferred choice of business name? You should check whether there is already a company registered with the same name, or a trade mark registered by a third party or whether there are any other legal restrictions before spending money on branded materials.

• Have you protected your business name? You should think about registered trade mark protection and securing all relevant domain names.

• Do you have intellectual property that needs protecting? Depending on the nature of your business you may need to explore forms of protection for your intellectual property such as patents or registered design rights.

• Does your paperwork include the correct information? By law, particular business entities are required to display certain information on their business communications so make sure you know what the requirements are before paying for any print runs.

• Do you have your own terms and conditions of business? By contracting on your own terms and conditions you can ensure important provisions, such as payment terms and limitations on your liability, are included.

• Are you compliant with employment law? You should familiarise yourself with the minimum employment rights implied by law and ensure you comply with all legal requirements when taking on staff.

• Are you aware of your health and safety obligations? Employers have legal duties relating to the health and safety of their employees, contractors and members of the public with tough penalties for non-compliance.

The above list is not exhaustive. We can advise you on your regulatory obligations, help you document your chosen business structure, advise on the terms of finance, draft trading terms and conditions and provide commercial and practical guidance during the early stages of your business and beyond.