Have you recently launched a business or is your business under 3 years old? Then obtaining all the legal documents you need for your business can be daunting, not to mention expensive.
How we can help
We have created a subscription legal service which gives you certainty of your legal fees and includes everything that you could need from the structuring of your company, drafting your standard contracts, to producing your contracts of employment and policies. You have unlimited access to a team of specialist Lawyers when, and where you need them, all for a set monthly fee – see our Subscription Pricing.
Mistakes made by startups:
1. Not making the deal clear with co-founders and initial investors
Always ensure that matters are made clear. A simple shareholder’s agreement could be enough.
2. Coming up with a name
It’s important to do some research to help you avoid trademark infringement and domain name problems.
3. Not starting a business in the correct legal form
One of the very first decisions that founders must make is in what legal form to operate the business. The choice between a company, partnership, sole trader etc. A mistake at this stage can result in higher taxes being paid or the founders becoming subject to significant liabilities that could have been avoided with a little forethought.
4. Not taking into account important tax issues
When starting a business, there are some key tax issues to consider.
5. Not producing a sound standard form contract in favour of your company
Almost every company should have a template contract when dealing with customers. But, there really isn’t a “standard form contract,” as every contract should be bespoke to the goods and/or services that you provide and the manner in which you provide them.
6. Not ensuring your supplier contracts are workable
Ensuring that you have sufficient rights and, in certain cases, those rights flow down to your customers can have important consequences.
7. Not protecting intellectual property rights
If you have developed a unique product, technology, or service, you need to consider the appropriate steps to protect the intellectual property you have developed.
8. Lack of employment documentation
Business startups often encounter problems when they do not maintain adequate employment documentation, such as contracts of employment and policies.
9. Not having compliant online trading terms
Trading online is complex and there is a minefield of legislation to comply with. Ensure that you are compliant from the start.
In a misguided effort to save on expenses, startup businesses often hire inexperienced legal counsel or go it alone using information gleaned from the internet. However, a mistake at this stage of your business’ life could be devastating, and the skills required to provide quality advice at this stage will rarely be found in one individual lawyer.
What does it cost?
Our subscription legal service can start at as little as £299 plus VAT per month (see Subscription Pricing).