We all know it’s an exciting time setting up a new business but with so much to do, it’s all too easy to overlook some of the most important things you’ll ever need! So, to help you along the way, here’s a list of some of the basic requirements you’ll need to get yourself legally compliant and ready to go!
- Firstly, it’s important to decide how you’re going to trade. You might be bursting with great ideas but how is your company going to be structured? For example, are you going to be a sole trader, or a limited company? Both have tax implications so it’s advisable to have a chat with a good accountant before making this first all-important decision. He or she will also be able to provide you with valuable advice about how best to pay yourself and what you can (and can’t) claim in terms of expenses.
- If you’re going to become a Director of a limited company then make sure you know all your obligations under The Companies Act 2006. Any Solicitor will help you with this and ensure you complete all the required paperwork with Companies House … there’s plenty of it so brace yourself!
- Once you’ve decided on your legal structure and company name you might want to register a website to promote your business. Again, you’ll need to ensure that certain legal requirements are ticked off, such as displaying your company’s terms and conditions of business and, if you’re trading online, have a good Ecommerce Policy in place. You also need to assure your customers you’re going to protect their personal information so consider a Privacy or Data Protection Policy.
- Always make sure that you’re legally compliant – for example, do you need planning permission to operate from business premises? Do you need any special licences (e.g. if you’re setting up as a kennels or riding establishment) and most importantly, make sure you’re fully insured. This doesn’t just mean content or building insurance but, where applicable, professional indemnity insurance and public liability as well. If you’re unsure as to what you might need then contact your local authority for advice – it’s certainly better safe than sorry. If you’re going to employ staff then you’ll also need employers’ liability insurance. The list goes on so make sure you’ve read it very carefully!
Suffice it to say, businesses can often enter the market without their essential “legals” in place. However, by making legal support both accessible and affordable, CloudLegal are here to help businesses add instant value. By ensuring the right legal protections are in place from the outset and throughout scope-up, the business will ultimately be better protected, sustainable and much less likely to run into future difficulties. Your “legals” are your essential nuts and bolts. Unlock access to these by befriending www.cloudlegalsupport.com who will help you get savvy and investment ready in no time at all.