Top 10 Legal Tips when going into Business

By Rachael Glasson

1 How are you going to structure your business?
Will you be a sole trader? Will you be in partnership with a friend or an associate? Will you
incorporate a company? What will the arrangements be with any partner?

2 Are you going employ anyone?
Your employees can be your biggest asset in your business. You must ensure that you have
an appropriate employment agreement in place to protect your business.

3 Will you be leasing Premises?
Where are you going to carry on your business? Leasing either retail or commercial premises
imposes significant obligations on you. You must ensure that the premises you lease are fit for
your purpose and can accommodate the growth of your business.

4 How are you going to ensure that you get paid?
To ensure that you get paid for your goods or services you should have in place terms and
conditions of trade. Such terms and conditions set out what goods or services you are going
to provide to your customers and the obligations your customers have to pay you.

5 Do you have adequate stock to run your business?
Do you have suppliers supplying you with goods to run your business? If so, you must ensure
that you have supply agreements in place so that you are not left empty handed.

6 Have you protected your Intellectual Property?
Intellectual property includes your business name, your logo, your ideas and your systems.
You must ensure you register your business name which differs from a company name.

7 How are you going to finance your business?
Do you need to borrow money to finance your business? Are you going to use personal
assets to secure a loan? If so, what type of loan is appropriate? What are your rights and
obligations and are your personal assets at risk?

8 Do you have adequate insurance in place?
You must ensure that you have adequate insurances in place. The types of insurances you
may need include public liability, workers compensation and income protection to name a few.

9 Do you have a good accountant?
We work closely with accountants to ensure that your business is structured in the most tax
effective way and your personal assets are protected.

10 Do you have a Will?
You should make a Will or check that your Will is up to date if you want to make sure that your
assets are protected.

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