Starting up your own business can be a really exciting time, but it is fraught with legal landmines. As you go through the paperwork-heavy process of creating your own company, it’s best to stay on the right side of the law from day one. You will have enough on your plate with the early stumbling blocks of starting up your own business, so understanding what is required of you legally is a great way to lay down the initial foundations of a successful company.
Notify HMRC
The Tax Man needs to know what you’re doing. Be sure to register with HMRC, as soon as your business has formed. You can often do this online, and the process is simpler than you think (even if it is a tad on the daunting side). Ascertain what you need to apply for first, before you start. The government’s website has a wealth of information on setting-up your business, so this is the perfect place to get the ball rolling.
Don’t Go it Alone
Two heads are better than one, and so are two pocketbooks. Working as a partnership means that you can split any financial falls with your business counterpart, and you have someone to share the good times with too! You are far more likely to succeed with the help of a partner than going it alone. Just chose someone you like; there’s nothing worse than tearing a company apart because of personal feuds.
Also, there’s a surprising lack of paperwork surrounding partnerships, so that’s an added bonus.
Limited Company
If you want to ride this solo, setting yourself up as a limited company is advised. It offers you more protection, if anything goes wrong. On the flipside, registering as a limited company demands more from you, as the business owner. Therefore, if you want to learn more about setting up your own limited company, it’s best to talk to a commercial lawyer, such as this one – their expertise and experience in dealing with these types of scenarios will allow you the freedom to work on the other integral aspects associated with your start-up.
Check Your Business Name
You don’t want to accidentally steal someone’s Intellectual Property. You could stumble into serious problems, if it’s seen that you have plagiarised someone else’s business mould. Be sure that you truly have a unique name by checking through the Trade Mark registry. It should flag up anyone with a similar concept as you. Tread carefully here.
Assess Your Funding Options
There are many ways you can receive funding in the UK for your business. Bank loans are unfortunately less viable these days, but the rise of crowdfunding could mean that you easily get off the ground, as long as you have a product that people desperately want. If you don’t, then I guess you have to ask yourself if your business will really make it in the market anyway.
Other than that, you could explore angel funding and government grants. Don’t leave any stone unturned, when it comes to finding extra money for your start-up business. It can mean the difference between success and failure. For further support and guidance in navigating through the funding maze, this handy guide cover great business funding advice tips.
Do you have any tips for starting-up a business and adhering to commercial law? Let us know!
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