If you’re thinking about setting up your own business, then it can be a daunting affair. There will be things that you need organize and put in place, as well as thinking about finding, staff, and the main business plan. But on top of that, you need to make sure that you are doing things legally and in the right way. If you hire someone and it wasn’t done right with contracts or other legal aspects in place, for example, then it can be detrimental for the business and could end up being costly.
So make sure that all of your legal bases are covered. Here are some tips for setting up your startup and that it is all legal and above board.
Decide a Business Structure
This is one of the first thing that you will need to to and it will actually have a big impact on the future and legal ramifications. Some people will choose to set up their business as a sole trader for a startup. But there can be cost involved with doing so that don’t make it the best idea. Not financial costs necessarily, but the liability aspect of things. Which is why making your startup a limited liability company can be better. When you do that, it does exactly as it says; limited liability. It protects your personal assets in the case of bankruptcy or disputes, and is only concerned with the business assets.
If you want to go into business, then your business will need a name. But because even common words can be trademarked, you need to check that you are choosing a name that has not already been trademarked. So keep things legal and do your due diligence when it comes to names and trademarks.
For anyone that does work for you, from a website designer to a full-time employee, make sure that they have a contract. Not only does it clearly state what the work they will be doing is, but it will point out the terms that you want them to work to, and the pay and conditions. Once they have read and signed it, you will be covered in any dispute, especially if they do not meet the requirements of the contract.
Insurance as a business and an employer is a must. You want to make sure that you are protected against all sorts of outcomes, no matter what the circumstance. It can give you peace of mind as you set up the business and confidence that your investments will be protected. So take your time to ask around and do your research to make sure that you are getting the best insurance provider out there for what you need.
Of course, the legal aspects of business do not stop here. Things like your intellectual property will need to be protected, as well a secure files and documents for employee details. But these first few checks can be important as you take the first few steps to set up your business.