What things should I consider when setting up a new business?
A: Type of entity to be used, example, sole trader, partnership, limited liability partnership, limited company, company limited by guarantee etc. The choice would be governed usually by tax considerations as well as personal liability consideration.
- If you are to use a company, you will need to consider the constitutional documents such as Memorandum and Articles of Association. You will also need a Shareholder’s Agreement to be in place if you are entering business with more than one party.
- If you are using a partnership or an LLP, you will need a Partnership Deed or an LLP Agreement to govern the relationship between yourself and other parties.
- Terms and Conditions of Business will need to be drafted or reviewed.
- General contract drafting and negotiating may need to be undertaken.
- Advice on Distribution Agreements, Agency Contracts, Competition Law, Data Protection Law and Intellectual Property Law may be required.
- You will need to appointment an accountant and we can help you by recommending a good accountant to suit your needs.
- You will need a bank, again we can assist you with appointing a bank.
Owner’s personal matters:
- Keyman Insurance
- Income Protection Policy
Review of following business needs:
- Terms of Business/ invoicing
- Website / Stationery
- Employment contracts
- Policies in place such as discrimination, health & safety, grievance procedure etc
- Debt recovery requirements
- Commercial disputes
- General contracts review
- Escrow account services
- Property issues, leasehold, freehold or rental agreement
There is a business start-up checklist available in our helpful download section which goes into more detail on the above.