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The Legal Requirements Your New Business Must Consider

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The Legal Requirements Your New Business Must Consider

Setting up a business is a dream goal for many. It’s a chance to give up the 9-5 grind and follow your passions. It’s a chance to be your own boss and build a financially secure freedom. The first part is coming up with a great idea and a niche concept. But, before you dive right into the business, there a few things you need to consider. The first of which is the legal side of running a company. You might not think you need a lawyer just yet, but it’s well worth seeking legal counsel. The following are just a few areas that your new business needs to make legal decisions.

Intellectual property

If you’ve come up with your world-changing product or business model, you need to protect it. There are a variety of ways you can do this. The first is to trademark your business name to make sure no-one steals it. The expert trademark attorneys from London IP tell us the earlier you do this, the better. Secondly, you need to apply for a patent for any unique or creative aspect of your business. The process can take years so it’s worth seeking legal counsel as early as possible.

Business structure

When setting up your business, you need to register as a trading company. That means hiring an accountant and setting up your tax structure. We suggest setting up a meeting between your accountant and your lawyer here. Together, they’ll help you decide the best structure for your business. In some cases, a simple ‘sole trader’ structure is the best option. Other routes include a ‘partnership’ and a ‘limited company’. Each have their own legal requirements and tax structures. Only a lawyer can advise the best route here.

Employment law

If you’re thinking about hiring employees, you need to understand the basics of employment law. A qualified solicitor can help you meet your legal obligations as an employer. They’ll outline your responsibilities, and help you draw up an employee agreement. Making sure your employees know where they stand is the first step to a solid business foundation.

Initial contracts

Few businesses can operate without signing a few initial contracts. It may be a contract with your clients or suppliers. You may need to hire freelancers or rent out an office space. Each of these agreements need a watertight legal agreement. An employment law specialist can help you draft these first agreements and keep your proceedings legal. They’ll serve as a template from that point onwards.

Health and Safety

Every business has certain health and safety responsibilities. The law is increasingly tight and strict in this area. Unless you follow the correct guidelines, you could end up on the wrong side of a liability lawsuit. An attorney will outline your legal obligations, and help you meet the guidelines.

Taking the time to build strong legal foundations will set your business up for the future. It pays to make these arrangements now, rather than waiting until it’s too late!

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I am the founder of Startup Today. I am the main writer and have put in many hours of work into creating this blog. If you want to find out more about me then lets get in contact.

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