When starting a new business it’s easy to get caught up in planning how it will be profitable and operate and be rightfully enthusiastic about how it’s going to go. But it’s important not to neglect your legal responsibilities as you could end up facing financial penalties or even court action and this could derail an otherwise successful venture.
Register Your Business In Time
It’s important to register your business within the required time-scale. When starting a new business it’s important to register both for tax and company registration as soon as you can. There are deadlines and you will most likely face a financial penalty for missing these deadlines and in fact, it can make operation difficult anyway as you’ll need these registration documents to open a business bank account. So you want to start off on the right foot and not be getting in trouble before you’ve even really begun.
Be Aware Of Your Tax Obligations
Depending on the size, complexity, and type of your business getting on top of your tax obligations can be a fairly tricky affair. Unless you are running a really small and simple business it is always a good idea to find the services of a good accountant. Not only will an accountant ensure all of your paperwork is filed correctly but they will also have ways of minimizing your tax bill by ensuring you are claiming all deductible expenses and allowances. So although an accountant will come at a cost, in most cases they will save you more money than you spend on them.
Intellectual Property Rights
If you have any unique products or services then it’s important to make sure your business does not lose out by being copied or ideas stolen. It is a good idea to employ a specialist to take care of navigating the tricky world of trademarking your business, if you find a good and reputable one such as Xavier Morales then it will be a wise investment.
Employment & Contracts
If you take on any employees, casual workers or use subcontractors then it’s of vital importance that you are aware of the rights they have and obligations you are subject to as an employer. You will have to ensure you pay the taxes collected on their behalf as an employer and report these to the government, you will have to be sure they get the required holiday pay and take care of other financial commitments such as health insurance and pensions.
Licences & Regulations
Depending on your industry there will be differing licensing and regulation requirements and you should not start up until you are aware of them all and are fully compliant. Whether it’s professional qualifications or adhering to storage requirements for hazardous materials or even safeguarding procedures if you are involved in working with children. Do a full analysis prior to opening your doors and also ensure all insurance is adequate and fully covers your activities.
Check out my guide on how to start your business right with tons of useful tips I learned by successfully starting, building, and selling multiple companies.