Starting a new company can be complicated, and legal challenges are one of the top reasons small businesses fail. Here are eight legal mistakes commonly made when starting a new company and tips to help you avoid them.
Entrepreneurs like to have as much control over their businesses as possible, but if things go well, they will need to delegate. If you’re thinking of becoming an employer, it’s important to know your legal and tax obligations.
If you are looking to set up a company and trade in the UK you will almost certainly need a UK business bank account. However, to open one you must be able to provide proof of a UK address, and this can be tricky for overseas investors and non-UK residents.
Disputes often arise purely because of a lack of clarity, and that doesn’t only apply in business. Misunderstandings are a part of everyday communications, and they can happen easily. Even the strongest of relationships can have ups and downs, and business partnerships are certainly no exception to that. What’s important is to try and get ahead of any potential problems by creating a deed of partnership, otherwise known as a partnership agreement or a shareholders agreement.
Employing staff is a big step for any new business. An extra set of hands can boost your businesses’ productivity and can even help you offer additional services to your clients or customers. But employing staff for the first time brings forward financial, tax and legal obligations for employers.
A Scotsman, an Englishman and an Irishman are standing in a bar. The Irishman asks, “How do you keep something safe that you can’t touch or see?”. While in the beginning the question sounds like a bad joke the truth is a lot more serious for some business owners, entrepreneurs and inventors.