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.
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.