You’d like to go into business for yourself or set up your own company? You already have a winning business idea, maybe even a logo and your own design? Or you’ve invented something, programmed software or developed a product?
Whatever it is, your idea needs to be protected! This will help ensure that you won’t be taken advantage of by a third party, and it will make finding investors much easier.
Investors, sounds good, doesn’t it? As do funders and funding programs. But there are a few things to keep in mind here so that your future freedom to make decisions isn’t constrained in any way and so that you don’t find yourself dependent upon other parties and their say-so further down the road.
But let’s go back to the beginning for a minute – to the new work you’re planning on taking on. Are you qualified to assume the responsibilities required by commercial law for someone founding a company? Or will you perhaps need to hire a managing director?
You’re just a step away from your company being a real thing out there in the world! But what kind of legal form should your company take? There are a few things to take into consideration: business partners, management, costs, liabilities, taxes, profit and loss sharing, financing, flexibility, and more!
What about your location? It doesn’t matter if your company is going to be run out of a garage or a commercial property – or even a factory. You still have to decide whether to rent or buy. And will you need permits?
As your company grows, you will want to consider whether you will require suitable staff. External consultants and freelancers or maybe your own employees? You will have to think about various advantages and risks that come with both types of workers.
You’ve started operations and you want to get word of your business idea out there! But how do you develop legally sound advertising and marketing strategies and what do you need to take into consideration?
When it comes to some business ideas, thinking about legal requirements tends to fall by the wayside, especially as so many new businesses are based online. But there are a number of legal requirements to consider here, too, for things like your website, an online store, and managing customer data.
And whether your company is online or not, establishing general terms and conditions is always a good idea for any business that involves customers and suppliers.
Clear communication strategies with customers and suppliers, as well as a sound understanding of your rights and responsibilities as an entrepreneur in a business relationship, can go a long way to helping you prevent fully avoidable legal conflicts and disputes.