For most London start-ups, the business is in great shape but often some legal topics and lawyers get left out (quite understandably). In this blog post I’ll cover what entrepreneurs should think about to protect the business long-term (all very obvious).
Sounds obvious! With a company legal structure (in whatever form) you create a buffer of protection against your personal asssets if your business is sued by creditors or clients. You also create a home for your goodwill value. I hear you say, it’s not always this straightforward with banks/investors requiring personal guarantees – Who Needs Law can help with this and structure the best frame to protect you.
Get a License
It’s obvious! For many occupations and businesses, owners are required to obtain local or state license. This is true even for many home-based businesses. It pays to investigate the requirements at your council office or website before you begin. Licenses are normally relatively inexpensive, but operating without them can be expensive.
Prepare standard legal contracts
How obvious! Even if you do most of the work, at some point you’ll probably hire or subcontract some work. Good basic legal contracts are critical to have: make sure they have a start/end date, payment terms, governing law, non-disclosure agreement, ownership of intellectual property rights. WhoNeedsLaw is working on our Open Document Generator v1.0, which allows you to create basic documents quickly via your browser: we hope to package as “freemium” service!
Protect your intellect property
Obviously! In particular your logo is a unique part of your company’s identity and (we hope) its value grows with your business revenue. If you don’t legally protect your logo, a competitor can use it to gain business that you earned: so make sure you build your business for you. The law on protecting so-called “intellectual property” is complex and includes trademarks, patents, copyright, designs, databases – WhoNeedsLaw can help walk you thru the basics.
Be active with overdue invoices
Getting serious now! All entrepreneurs know that delays in paying invoices harm their chances of success. Ironically it’s often bigger customers (who should know and do better) that take the longest to pay. With Who Needs Law on your side we can help develop a robust strategy for handling delinquent customers.
Get an accountant
Filing accounts and paying tax means your business is doing well and contributing to the society’s framework which allowed it to flourish in the first place (Ed. refreshing neo-capitalist viewpoint!). It’s critical to have a good accountant who understands your business and targets inside out. They can also help you with other items such as payroll set up.
At Who Needs Law we can help you business to cover legal basics quickly and at affordable costs. In the meantime, get in contact with Who Needs Law free of charge to health check your business set up.