- Business Type
There are three main business types in the UK: sole trader, partnership and company. The business structure that you choose will determine the potential risk to the owner/investor, the type of finance available and, importantly, the method of start-up.
- Business Name
Your business name is potentially the most important selling tool; it is the first thing that anyone will know about you and the name you choose sends an important message to the public. You do not have free reign over the name of your business and you need to ensure that you do not fall foul of naming legislation.
- Trading Laws
Legislation such as the Trades Description Act 1968 and the Sale of Goods Act 1979 govern the way in which you can trade; it is essential that you understand the relevant trading laws and how they affect your business.
Failing to pay your tax on time and in the right amount can be a costly mistake. It is important to fully understand your tax obligations and to ensure that such obligations are met. It is also sensible to consider whether your commercial agreements are structured in the most tax efficient way. Depending upon the size of your business, you may need to charge VAT on any products or services that you provide.
- Intellectual Property
Intellectual property rights protect ideas. It is essential that you have taken the necessary steps to ensure that you are not breaching intellectual property rights of others and protecting your own intellectual property from third party infringement.
There is a lot to think about when starting up a new business and it is vital that you take the correct steps, whilst adhering to relevant laws; Poole Alcock’s corporate and commercial team are on hand to guide you through this potentially tricky process.