Starting a new business is an exciting time, however there a many intricate steps that must be taken, to ensure your business is legally set up in the best possible position to ensure longevity and growth.
The first step in a business set up is making your key decisions. You must answer these questions:
What is your business structure?
Choosing a structure for your business affects your tax, exposure to legal risk and finances, so it’s important you get it right. Getting professional advice from an Accountant can ensure you set up correctly.
Are you an employee or contractor?
Employees work in someone else’s business. The employer controls how, where and when they do their work, and pays them a wage.
Contractors, including independent contractors and subcontractors, run their own business and sell their services to others. Contractors will often use their own processes, tools and methods to complete their work. They may negotiate their own fees and working arrangements, and can work for more than one client at a time.
There are a range of factors to consider when deciding between employees and contractors, including tax, pay differences, working conditions and protections.
Where is your business located?
Unless you run a home-based business, you’ll likely need to buy or lease business premises.
For most businesses, location is everything. If you are starting a retail or hospitality business, you will need to ensure that you are easily accessible to customers and that the business will not suffer any disruption to business as a result of having to move premises. Alternatively, if you will operate your business from a warehouse, you need to ensure that you are not locked into a lease for a premises that you may quickly outgrow.
Each business has different requirements. It’s important to consider your business needs and priorities when deciding on the location of the premises and terms of your lease.
You must decide on the type of premises and whether you are buying or leasing, and what the terms of you lease will be.
What is your business name and is it protected?
You must choose a business name that stands out, is unique and is also available. You cannot use a trademarked name or a name that is already registered as a domain. Use this tool to check out if your business name is available.
Once you have decided, it is always best to trademark your name and your services products, to protect you from future intellectual property issues.
What are my employment regulations?
All Employers are subject to a range of regulatory requirements such as industry awards and occupational health and safety legislation. It is important that you are aware of your obligations, adhering to your responsibilities as an Employer and are implementing effective employment contracts.
At Greenhalgh Pickard, our team of integrated professionals can assist you in all areas of business. This ranges from Accounting, Commercial and Property Law, Litigation, Employment Law and even business marketing, assisting you from day one.
Call us today to begin your business journey.
Watch this space for step by step articles from our professionals on all areas of starting your business.
The information contained in this article is for general informational purposes only and is not intended to provide legal advice or substitute for the advice of a professional. This information does not consider your personal circumstances and may not reflect the most current legal developments. Should you need advice, please contact our firm for targeted information relating to personal your situation.
Greenhalgh Pickard’s Commercial Team
