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Starting your own business.

28 Apr

 

 

Setting up and running your own business is exhilarating but no one would deny that it brings with it a fair share of responsibility. Too often people leave it until crisis point to seek a Solicitor’s help. Prevention is better than cure and getting the right advice early means that you can avoid pitfalls. Professional  advice from a Solicitor with experience in this area can help you to identify potential problems and take steps to avoid them thereby protecting you from risk and saving you money.

 

1. Your Business Structure.

Should you incorporate a Company or operate as a sole trader? If there are a number of individuals involved in the business is there a shareholders agreement or a partnership agreement in place? We can advise you on the options available to you and we can assist you in making the right choice of structure for your business. we can also set that structure up for you if you decide to register a company or enter a partnership.

 

2.Your Business Premises.

It is important to fully understand the terms of your lease agreement. Is there a rent review clause?Is there an option to exit the lease early? Is there an option to renew the lease? Is planning permission required for a change of use? We can help to explain the terms and conditions of your lease and the implications each one has on the day to day running of your business.

 

3.Protecting your ideas.

We can help you to protect your designs from competitors who may attempt to illegally copy your ideas and benefit from infringing your Intellectual Property Rights. It is important to register your ownership of intellectual property to ensure you are protected.

4. Licences.

Certain businesses require licences to trade. We can ensure that all licences required are applied for to ensure that your business is compliant with the law.

5. Cash flow.

Cash is the lifeblood of business and we can help to ensure it flows in your direction in a timely and organised fashion by drawing up credit terms and conditions for your business. We also offer a debt collection and enforcement service to assist you if you are having difficulty collecting outstanding invoices.

6.Online Trading.

If you operate an online business it’s important to have a comprehensive list of terms and conditions of business. Doing business  via internet means that your terms of business need to be tailored to suit the realities of trading online.

7. Data Protection.

The Data Protection Office requires certain businesses to register with the office of the Data Protection Commissioner. Depending on the information that you store and the size of the business it may be necessary for your business to have a “data controller”.

8.Employment law.

Employment law is an area that is heavily regulated by legislation which is constantly evolving. With the proper advice you can address the many issues that are involved in employing staff. We can help you to reduce risk by drafting the appropriate contracts of employment and workplace policies and procedures. If things end badly with an employee it can be very costly and it is best to have all of the paperwork in order to offer your business the best level of protection

9. Disagreements and problems.

As the saying goes if you fail to plan you plan to fail. It is best to plan for possibilities such as what happens if things don’t work out with a shareholder/business partner? How do you ensure that the responsibilities and profits are divided equally? What happens if you fall sick or you pass away? Disputes can also arise with suppliers and it is important to have the right commercial contracts in place to protect you if things go wrong with a supplier.

10. Taxes.

One of the two certainties in life. It is important to deal with this issue early on and register with the Revenue Commissioners to ensure that you are fully compliant with your tax obligations.

 

We hope that the above guidelines offer an idea of the many issues that arise for business. The guide is general only and of course our advice is tailored to suit the requirements of each of our clients. If you require a consultation please contact 069-77583 for an appointment.