Since the 1990s and the beginning of the new media revolution, Brighton has often been referred to as ‘Silicon Beach’ due to the high density of small startups and businesses involved in the media industry. It has become a haven for young, entrepreneurial, intelligent companies looking to make a difference in a range of industries, and various schemes and rounds of funding make it easier to get going even if you don’t automatically have the money in front of you.
Despite the ease of setting up a business these days, it must be remembered that there are a range of small business laws that need to be borne in mind when going about finalising your arrangements. At Burt Brill & Cardens we often deal with small business law and commercial law – here are 5 vital aspects of small business law for startups that are worth bearing in mind.
Structure your Business Correctly
It’s important to structure your business correctly no matter how small you are and what your ambitions for the company may be. You are likely to encounter a number of meetings and arrangements which could lead to commercial decisions being made – you need to know how to position future employees within the company and the small business laws that surround mergers, acquisitions or takeovers.
Get the Contracts Sorted
When you hire new employees, you must adhere to the small business law surrounding contracts and documentation. There are a number of things that must be included in employment contracts and usually it will be necessary to seek assistance from an employment law specialist to find out what you need to include. Well drafted and professional employment documentation can also be a useful tool when it comes to managing the people you hire.
Are you Paying Enough Tax?
It’s essential that you inform the HMRC and register your business in order to pay the right amount of tax. It’s a legal requirement to be registered if you are earning money from your business – it’s likely you’ll have to pay about 20% to HMRC and it’s a wise idea to put this aside in a separate account to pay when you file your tax returns.
Are you adequately certified/qualified?
It is small business law in this country not to misrepresent your services to the public. All too often you see people advertising services they are not fully qualified for, so it is important you have the right licenses and certificates for your business. Not only will it abide by the regulations involving certification and licensing, it will reassure your existing customers and go a long way to attracting more.
Choose an Experienced Legal Advisor
As a final point, it’s important to make sure you get honest, open and trusted legal advisors to work on your behalf. Setting up a business should be an exciting process, but the legal matters can be a minefield, so hiring an experienced small business law firm to take care of proceedings on your behalf is essential.
Burt Brill & Cardens Solicitors Brighton have a wealth of experience in small business law and employment law, and can help you with your query whether you are thinking of setting up your first business or in the process of hiring your first employee. Contact us for more information.