One of the most challenging jobs is to start a new business, a company formation. The more exciting, the tougher it gets. When you decide to start-up a business, you tempt to succeed heading straight in successfully capturing your target market and selling your brand. You might be eager to get started straight away, but there are few considerations you need to keep in mind.
The first important decision is to set your business in England, Wales, Northern Ireland or Scotland. For proper documentation, you need proper official registration from the Companies House. Choose the correct location for correct business approach.
- Legal consultancy
You need legal and accounting consultancy to make the right decision. The professional legal advisors may cost you hundreds of pounds for their precious and valuable recommendations. You can also seek services of agent, which is comparatively cheaper. You can also get professional and legal advice from online websites. One such professional website is Logoinn which offers legal consultancy services to your company formation and provides agents to do all the paper work. Your registration in the Companies House is done within hours.
- Protection of personal assets against risks
Do you want a business where your personal assets are at risk too? So much uncertainty! Of course not! You need to decide how you will incorporate your business. There are options of various business structures and you can choose which suits your preferences the most. For say, if you make your business a limited company then you will face lesser risks than expected and no personal risks. This is a better option because it secures your personal assets and offers protected liability to the company’s shareholders.
- Sole authority or partnership
If you have partners then you need proper mutual agreements and paperwork on capital contribution, share of profits, decision-making authority and even holidays. These agreements need proper and formal documentation within Shareholders or Partnership Agreement. These discussions help running of the business in a healthy way.
- Terms of contract
You are a start-up business so you need to strike a balance between commercial contracts so that you can assure that you and your business is dealing on safe terms with suppliers and customers. As your business grows and develops, you need complex commercial agreements. You need to keep your own terms and conditions while bidding into a contact with the third parties. You also need legal advice periodically to ensure that your terms and contracts are legally incorporated into an overall agreement with the third parties.