Setting up a Business

Business start-up solicitors

Setting up a new business is an exciting career step, but it is crucial to have all the correct legal building blocks in place to set you off on the right track. There are many legal implications to consider when starting and running a business, so it is important to seek expert legal advice from the outset to ensure you have all the correct documents and contracts in place.

What do I need to consider when setting up a business?

There will be different factors to consider depending on the business and the industry you operate in.

Also the structure of the business will result in different contracts and agreements being required.

How should I structure my business/start-up?

There are a number of ways in which you can structure your new business, including:

• Sole Trader-You operate as an individual
• Limited Company-You run the business in accordance with the Companies Act 2016 and the legal liability begins and ends with the company
• Partnership-You go into business with one or more people who jointly owns the assets and debts of the company
• Limited Liability Partnership (LLP)-A type of partnership where the partners have limited liability which does not include their personal finances

Do I have to instruct a solicitor to set up a business?

There is no legal requirement to instruct a solicitor when you’re setting up a business, however they can advise you on your rights, responsibilities and duties relating to legalities, make sure you have the appropriate documentation and contracts in place for customers and suppliers, review the terms of your lease, ensure you have all the appropriate insurance in place, provide guidance on regulations within your industry and draft or review agreements relevant to your business.

It is especially recommend to instruct a solicitor if you are setting up a limited company as they can ensure the appropriate documentation is in place and protect the interests of all parties involved.

What contracts/agreements should I have in place?

Whilst the structure of your business will affect some of the contracts that you need, the following are essential contracts that every business should have in place to avoid problems down the line:

• Employment contracts
• Terms and conditions
• Shareholder/partnership agreement
• Confidentiality agreements/non-disclosure agreements (NDA)
• Intellectual Property Assignment Agreement

How can I protect my intellectual property?

Intellectual property law can be complex, so we would advise getting the guidance of a solicitor to apply for protection and enforce your rights.

Copyright might automatically protect your work without you having to make an application to the Intellectual Property Office, otherwise a solicitor who specialises in intellectual property can help you apply for a trademark, patent or design right.

Why use Rothera Bray for setting up a business?

Our team of experts are on hand to provide trusted professional advice and will support you in building a legally sound business.

Our advice will be tailored to your business, taking into account your sector and the legal considerations associated with it.

As part of our initial advice on the setting up of your business, we are happy to directly introduce you to our extensive network of other relevant professionals across the Midlands, from accountants to insurance brokers.

We use our extensive experience to advise small and start-up businesses on a variety of matters, including:

• Incorporation – becoming a limited company, sole trader, partnership or limited liability partnership (LLP)
• Shareholder and partnership agreements
• Employment contracts
• Restrictive covenants
• Trademarks
• Business financing options
• Terms and conditions of sale