If you’re interested in starting up your own business but have no idea where to begin with all things legal, here’s a handy legal guide and all you need to know! Trying to understand exactly which laws you need to get clued up on to ensure that you are compliant can often be a confusing and daunting concept, and if you don’t tick all the boxes it can result in costly errors – which is why our business start up support is so popular.
Want to know some of the legal requirements that all start-ups need to consider before venturing into the business world?
– Register your business with the relevant government authorities
– Ensure you have all the correct insurance
– Check your hiring practices comply with equal opportunities law and check your employees’ right to work and any complete any relevant searches eg. DBS
(check the Equality Act here on GOV.UK)
– Ensure all health & safety checks and assessments have been finalised
– If you’re a sole trader, report to HMRC and register as self-employed for tax and VAT purposes
– Sort out any pension schemes and all employees wages (you can check the National Minimum Wage here on GOV.UK)
That’s a lot of information and compliance to put into practice, right?
Well did you know that 90% of new start-ups fail within the first year according to Forbes, and these are some of the legal issues they run into. This is why it’s crucial to give yourself the best start and set up your business the correct way. We completely understand that when you’re setting up your new business your focus probably won’t be on the legalities (or as some may say, the ‘boring bits’) and some new business owners may cut corners or use templates found online, to save time and money. But more often than not, these are the same people who then turn to legal services when disputes arise over terms and conditions or they run into more serious trouble, putting their business at risk.
All too often we hear the phrase ‘buy cheap, buy twice’, and new business owners are particularly wary of having huge outlays before they’ve even begun seeing profit. So when looking for legal support they choose cheaper alternatives which aren’t exclusive to their business needs, which could result in major disruption when something goes wrong.
At KANR Legal, we are dedicated to providing accessible legal support that is tailored to suit the needs of your business. Whilst life is all about taking risks, the legalities of your new business is not something that should be chanced. We are proud to offer several services to help lay the correct legal foundations for your new business, including creating bespoke legal documentation, and providing help in the form of our dedicated start-up team who remain on hand during your first year of trading to support you whilst taking your first steps in the business world.
If our start up business legal guide has got your cogs turning, contact us for a free 30 minute call to discuss what services we can offer to ensure that your business is compliant. And whilst you’re on our site, why not download our ‘Free Practical Guide To UK Data Protection’ to broaden your understanding of data privacy and ensure your business has all the legalities of data covered too.