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6 Legal Tips for Entrepreneurs on Launching Their Company

Starting a business is no easy task. There are a lot of things to think about, and one of the most important is making sure that you are doing everything legally. In this blog post, we will discuss six legal tips for entrepreneurs who are just starting out. By following these tips, you can make sure that your business is on solid ground from the beginning, so keep reading to learn more!


1. Have A Registered Office Address

Every company must have a registered office address. This is the address that will be used on all of your official documents, and it needs to be a physical location where someone can receive mail on your behalf. You can use your home address, but keep in mind that this will make it public information. If you preferred to keep your home address private, you can use a PO Box or an office space that you rent. By having a registered office address, you can make sure that all of your important company correspondence is sent to the right place. If you are using a PO Box or an office space, it is important to keep the address up to date. You can do this by filing a change of address form with the Companies House. This will ensure that any documents that are sent to your company registration address will reach you in a timely manner.

2. Have A Company Name

Your company name is how you will be identified in the business world, so it is important to choose something that reflects your brand. You can use your personal name, but keep in mind that this can make it difficult to sell or transfer ownership of the company in the future. If you are planning on growing your business, it is a good idea to pick a name that is not too specific to your product or service. This will give you the flexibility to expand into new areas in the future without having to change your name. Having a company name also makes it easier to open a bank account and set up business credit. When you are selecting a name, make sure to do a thorough search to ensure that it is not already in use by another company. You can do this by searching the Companies House website or using an online business name checker.

3. Appoint Directors

The first step in appointing directors is to choose a registered office address, as this will be where all official correspondence will be sent. Once you have chosen an address, you can appoint up to three directors. Directors are responsible for the overall management of the company, so it is important to choose people who you trust and who have the skills and experience to help your business succeed. You will need to appoint a director if you are planning on growing your company or if you want to raise money from investors. It is also a good idea to appoint a director if you are not planning on being actively involved in the day-to-day operations of the company. This will give you someone to delegate tasks to and help with the overall management of the business.

4. Create Share Capital

Share capital is the money that is invested into a company by its shareholders. This can be in the form of cash, property, or other assets. The amount of share capital that you need to raise will depend on the type and size of your business. If you are planning on growing your company or taking on new projects, you will need to raise more capital. One way to raise share capital is to issue shares to investors in exchange for money. This is a good option if you are looking for long-term funding and want to give up a portion of ownership in your company. Another way to raise share capital is to take out a loan from a bank or other financial institution. This can be a good option if you need short-term funding and don’t want to give up any equity in your company.

5. Register For Taxes

All businesses are required to register for taxes with the HMRC. This includes VAT, corporation tax, and income tax. The amount of tax that you will need to pay will depend on the type and size of your business. If you are planning on growing your company, it is a good idea to register for VAT. This allows you to claim back the VAT that you have paid on purchases. Corporation tax is a tax on profits, so it is only payable if your company is making a profit. Income tax is a tax on personal income, so it is only payable if you are earning money from your business. The taxes that you will need to pay will depend on your business activities, so it is important to speak to an accountant or tax advisor to ensure that you are registered for the correct taxes.
In addition to the standard tax registrations, it's crucial for businesses to stay informed about the latest tax requirements and initiatives, such as MTD for ITSA which is 'making tax digital for income tax self-assessment ', which may impact how income tax is reported and managed in the future. Consulting with an experienced accountant or tax advisor can help you navigate these evolving tax regulations effectively.

6. Comply With Employment Laws

If you are planning on hiring employees, you will need to comply with employment laws. This includes things like setting up a payroll, providing employee benefits, and paying taxes. Employers are also required to comply with health and safety regulations. Failure to comply with employment laws can result in hefty fines and even jail time. It is important to speak to an accountant or employment lawyer to ensure that you are compliant with all the relevant laws. These are just a few of the legal considerations that you need to take into account when launching your company. Taking the time to do this will help you avoid any potential legal problems down the road. It also shows potential investors that you are a serious business owner who is committed to ensuring the success of your company.

Launching a new business can be an exciting and daunting time. There are many things to think about, and it can be easy to overlook the legal aspects of setting up your company. By following these six tips, you can ensure that your company is compliant with the law and avoid any pitfalls in the future. So, what are you waiting for? Get started on your business today!

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Disclaimer: The text above is a press release that was not written by Finyear.com.
The issuer is solely responsible for the content of this announcement.
Avertissement : Le texte ci-dessus est un communiqué de presse qui n'a pas été rédigé par Finyear.com.
L'émetteur est seul responsable du contenu de cette annonce.

Mardi 19 Avril 2022




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