Trying to get your head around all of the legal processes can be daunting and confusing, which is why we have put together a few things you should consider when starting a small business.
Registering your small business
The first thing you need to do when starting a business is register your company, so that you can begin trading. This requires you to choose which type of business suits your needs, such as self employed or limited company.
Business Structure
There are four structures you can choose; sole trader, partnership, private limited company, and limited liability partnership. Choosing the right business structure will determine how long it takes to get your business trading, as well as its obligations with regards to accounting and tax.
Data Laws
Small businesses also have a legal responsibility to keep personal information safe and provide a clear policy on how data is collected and stored – and why. Failure to comply with GDPR can result in fines of up to 18 million pounds.
Contracts
Having a legally binded contract in place can save you time and money, as well as help you to understand your options when there is a breach of contract. You need to take the time to understand every single clause in your contract to prevent any confusion and miscommunication in the future.
If this is your first business, it can be hard to work out what kind of legal advice and support will help you reach your goals. Get Legal Advice work with small businesses and start-ups to identify their legal priorities and take time understanding the goals to ensure a successful business. Contact them today for a free, no obligation chat to find out how they can help you.
