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Setting up a business

15 January 2019
setting up a business

Starting up a business is exciting – but daunting if you do not have the legal knowledge behind what involves setting up your very own firm.

Entrepreneur Brandon Turner has previously said that with creating your own business, you don’t know what’s up ahead until it’s upon you.

FOUR POSSIBLE LEGAL OBLIGATIONS FOR A BUSINESS YOU SHOULD CONSIDER?

1) The licence small businesses may not know they need

Those who have set up a business in the past have not thought to check the legal obligations, simply because they thought they already had the knowledge on this. However, it’s extremely important to note the regulations are ever changing.

At Taylor Bracewell we would like to make sure you are one step ahead with setting up your very own business.

It’s common knowledge that running a business that serves food or alcohol, such as a pub, restaurant or café, legally requires you to be licensed. The same is true for tradespeople like gas engineers, who are required by law, to be on the Gas Safe Register.

There is another type of license which is more than most, overlooked.

A business which uses software packages are asked to be cautious to use licensed versions of a software which the business relies on. Otherwise this is breaking the law and may also mean that a business is being opened up to cyber-attacks.

2) The insurance you may not know you’re legally required to have

You’re not legally obliged to take out insurance for your business. But failing to protect your venture in case things do go wrong could be the difference between sinking or staying afloat.

Being insured can potentially guard your business from unmanageable compensation claims. Some may be:

If someone is injured or becomes seriously ill as a result of working for you, or if someone causes injury to a third party or damages a third party’s property while working for you.

If you would like to know more about the different types of business insurance you can take out, don’t hesitate to speak to our commercial team!

3) The business law you may not be aware of

Many businesses forget that intellectual property needs protecting. Here’s why…

The things you create, such as your product and its design, your brand name, or maybe something you’ve invented. A trade mark, the identifying mark of your business or product, all falls into the category of intellectual property and it’s there to protect the things you create.

Trade mark infringement happens when you use a trade mark that’s the same as, or similar to which someone else is already using for their goods or services – and doing so can lead to costly damages.

In the same way,if another company were to breach your trade mark, you’ll want to do all you can to stop it negatively impacting your business.

4) The assessment you should carry out

No matter the size of your business, all organisations are required by business law to assess and manage the risks in their workplace. This means taking reasonable steps to prevent harm to members of the public, employees, and any other persons on site.

According to the Health and Safety Executive, you should take the following steps to assess the risks in your workplace:

  1. Identify the hazards
  2. Decide who might be harmed and how
  3. Evaluate the risks and decide on precautions
  4. Record your significant findings
  5. Review your assessment and update if necessary

Hazards include things like electricity, working up a ladder, or leaving a drawer open.

 

With plenty for you to stay on top of as a small business owner, from accounting to legal structure, it can be tough to find the time to keep up to date with changes to the law.

A specialised business Solicitor can help you identify future legal problems and advise you on what steps to take to prevent problems before they happen, which will protect your business from risk and save you money.

For any queries or questions which you have regarding to your business, or if you are seeking advise for a new business, please get in touch with Taylor Bracewell’s Employment Law team, head of department Richard Lozano on 01302 341414. Or alternatively email richard.l@taylorbracewell.co.uk