starting up a new business
Starting up a new business is an exciting and busy time. However, it’s important not to overlook the legal aspects of the start-up if you want the new venture to be a success.
There are a number of key legal issues in any new business start-up that need to be carefully considered. These include:-
The legal identity of your new business
You have several options open to you and we can advise on which is likely to be most suited to you. For instance, you may be best advised to run your new business venture as a “sole trader”. Alternatively, if other people are involved you may wish to consider a partnership (either a conventional partnership or a limited liability partnership LLP) or perhaps you are better off setting up a limited company.
Each of these business forms has advantages and disadvantages. If you run your new business as a limited company, for example, then you will have to comply with company law regulations, which you may feel involves too much red tape. On the positive side however, operating the venture as a limited company can offer you protection from personal liability as a result of the company’s limited liability status.
What should your terms and conditions of business include?
When you are starting up a new business it is easy to overlook relatively simple things like terms and conditions of business. This can be an expensive error.
Our advice is that time spent now on preparing watertight terms and conditions of business is time well spent, and in the long run could save you a great deal of expense.
Our business law solicitors are experienced in advising on the key terms and conditions a new business will need and are ideally placed to draft a set of bespoke terms that will satisfy your requirements.
Business start-up funding
Careful thought needs to be given to how your new business start-up is to be funded. Adequate business funding has to be available at the outset. If a new business venture is undercapitalised then there are likely to be problems ahead. We work closely with a range of other professionals including the leading banks and financial institutions. So if your new venture is in need of further funding then we will be able to introduce you to a suitable business funder.
Memorandum of Association and Shareholder Agreements
If you decide to set up a limited company then you need to think carefully about the Memorandum of Association which dictates the areas the business can operate in and Shareholder Agreements as these can determine who will control the company, how your fellow shareholders can act and what happens when things go wrong
Are you going to be operating your new business from dedicated business premises? If so then our solicitors can advise you on the legal considerations. You may be taking on a lease, in which case we can advise on the terms of that business lease. Alternatively, if you are buying your business premises then our commercial property lawyers can handle the transaction to ensure that your interests are properly protected.
If you are proposing to employ people from the outset of your new business then you need to be fully compliant with the ever-changing landscape of employment law regulation. Our dedicated employment law team can prepare the employment contracts and statutory documents that you will need. And for a small one-off annual payment you can protect yourself against an expensive employment tribunal claim by taking advantage of our scheme. Included in the cost of our package is the preparation of contracts of employment and other statutory documents which makes it a particularly economic option for those starting up a new business.
Fixed fee packages
We have designed a number of fixed-fee packages for people starting up their own business.
Business Start Up Package 1
- Advice on the identity of your new business
- Preparation of your terms and conditions of business
- Advice on business start-up funding
Business Start Up Package 2
As package 1, above, with:-
- Preparing your Partnership Agreement or Memorandum of Association/Shareholders Agreements
- Dealing with the lease or purchase of your business premises
Business Start Up Package 3
As either Package 1 or Package 2, with:-
- One years membership of our legal protection for employers scheme.
For further advice about starting up your new business or for a fixed fee quote contact us today.