Legal factors to consider as an entrepreneur
by Startacus Admin
Planning on starting a business? Here are all the key legal issues and requirements that you'll need to consider when you're doing just that
Starting a small business is an exciting and challenging time. After figuring out what services or products you’re going to offer, who your target market is and getting your business plan on paper, you’ll want to understand the next-steps to get your business launched.
As eager as you might be, it’s important to understand the legal factors that come with being an entrepreneur and starting a company. Here are some requirements that you’ll need to know all about for your start-up.
Outlining a structure
You’ll need to be aware of the tax implications of being a sole trader, partnership or limited company. Deciding which your business will sit under is crucial and will affect a number of different things.
Sole trader – this means you run your own business as an individual and are self-employed. You can keep all your business’s profits after you’ve paid tax on them. You’re also personally responsible for any losses that your business makes.
Partnership – this is where you and your partner(s) personally share responsibility for your business. This includes any losses and bills for things you buy for your business, such as stock or equipment.
Limited company – this is a company that is limited by shares or limited by guarantee. Limited by shares companies are usually businesses that make a profit. Limited by guarantee companies are usually not for profit.
Trademarks, copyrights and intellectual property
Your intellectual property is the bread and butter of your business. This includes everything from patents and copyrights to trademarks and trade secrets. Be sure to file any patents as soon as possible and any other copyright and trademark forms you need to. Protecting your intellectual property will often attract investors and will also help you sleep easier at night!
Systems and processes
Among some of the most important things you’ll need to get in place are your systems and processes. Without these you could land yourself in hot water! If you do end up breaking regulations for whatever reason, it’s advised you attain the advice of professionals like Withers. They can help you through the process and work to find a resolution.
Here are some of the systems and processes you’ll need to get in place:
Pensions – all employers must offer a workplace pension scheme by law. So get this set up for your employees as soon as possible.
Payroll – equally as important as you’ll have to pay your workforce regularly. Whether you do this on a weekly, bi-weekly or monthly basis, it’s also vital for your tax returns.
Accounting – speaking of taxes, it’s important you bring an external firm or an internal person on board to manage your accounting.
With so many things to consider, it can be difficult to know where to begin. But with this checklist of considerations you’ll need to take into account when starting your business, you’re sure to get off to a flying start.
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Published on: 22nd December 2020
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