Acing your Business and the Law
We all know that starting a business can be a roller coaster ride- sometimes exciting, sometimes challenging, sometimes daunting, sometimes fun and sometimes an absolute nightmare! However, we all agree that no matter what we go through as entrepreneurs every moment of it is precious. A business is like a baby that every entrepreneur loves and wants to protect.
One of the ways of protecting your start-up is to ensure that you have the right legal structure in place. It definitely is the cornerstone that can help you build a successful empire going forward.
Through this article we have tried to summarise some of the key legal documents/points of compliance you should be aware of if you have just started your business.
- The structure of your business- Decide the structure that you're going to adopt for your business and ensure that you have the right constitutional documents in place. So you could be a sole trader, a partnership, a limited liability partnership or even a private limited company. Whatever the structure of your business make sure you have the corresponding constitutional documents in place. For example a General Partnership Agreement if it is a partnership, or a Certificate of Incorporation and Articles of Association if it is a company.
- Employment Agreements and Employee Handbook- At some point you might hire help. You could hire full-time employees, part-time employees or consultants. Regardless, make sure to have employment agreements in place. This will not only help clarify the terms and conditions of employment for your staff but will also ensure that you're complying with employment related laws prevailing in your jurisdiction. Although not mandatory it is probably a good idea to have an employee handbook in place. This will help familiarise your employees with the internal policies that you follow as an organisation and more importantly the disciplinary and grievances procedures in place.
- Protect your ideas/Intellectual Property- The most valuable component of your business is the idea it is built on! Please make sure you do not overlook the protection of your Intellectual Property. If you've worked hard to come up with a creative name for your business look into protecting it as a trade mark. This can help you develop your brand further. Also if you are going to discuss projects/your products or services with potential clients/partners make sure you get them to sign a confidentiality agreement/non-disclosure agreement so that your confidential information is protected at all times. So for example, if you are a food business your recipes and processes could be confidential information or if you're a tech start-up your innovative solutions or computer programs could be confidential information. You should consider executing a confidentiality agreement for any information that is specific to you and that you feel will give you a competitive edge over others.
- Privacy Policy and Terms of Business- Make sure you are complying with the GDPR. It is a legal requirement to expressly set out your privacy policy on your website so that people dealing with your business know how and for which purposes their personal information is being collected. Also find out if you need to register with the ICO (Information Commissioner's Office). If you provide services via your website or have a website that clients/visitors interact with, it is a good idea to have website terms and conditions/Terms of Business outlining the regulations users must agree to follow in order to use a service.
Ensuring that your business complies with all the legal requirements could take up a bit of your time and effort but is definitely worth it as it provides a solid foundation allowing you to the focus on the business side of things in the long run.
At The DLC we join start-ups in their journey at the outset and continue providing legal support for as long as they need us to. So whether it is a general business consultation about setting up your business, branding advice or providing you with complete legal support we would be happy to take the burden off your shoulders and leave you to focus on what you enjoy the most - The BUSINESS itself!
Further information about how we can assist you is available on our website. We can also be reached at:
Email: [email protected]
Tel: 02032057136
P.S: We love ethical businesses as we believe in a kinder and compassionate future- A reduced fee will be offered to ethical and cruelty-free businesses :)