Setting up Your Business – A Step by Step Guide

 

Setting up a business is both an exciting and demanding process. Along with the obvious steps that need to be taken, for example branding and accounts, there are also important legal elements that need to be considered.

We have put together a step-by-step guide in collaboration with virtual and serviced office providers, Workbench.

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Business Structure

What structure have you adopted?

  • Sole trader

  • Partnership

  • Limited company

Do you have the relevant agreements in place e.g. partnership or shareholders’’ agreement?

 

Trading

  • What do you offer, goods or services or a mixture of both?

  • Do you market to consumers, to other businesses or to both?

  • Do you have a standard terms of business to cover you with your customers and which deal with the following key issues:

    • Payment terms?

    • Data protection?

    • Protection of your confidential information?

    • Caps on your liability?

    • How to terminate the agreement?

 

Intellectual Property (‘IP’)

  • Have you considered if your business has created any of the following and if it should be protected?

    • Trademarks (e.g. your business name and logo)?

    • Copyright in materials you create in your business?

  • Do you own the copyright content to your website?

  • Does your business create bespoke products for your customers?

  • If so, do you have written terms to confirm who will own the IP you create?

  • Do you engage other people to create any products, services, content for your business? 

  • Do you have written terms in place to govern who will own the IP?

 

Website

Do you have the following documents in place to comply with your obligations under GDPR and to protect your business generally?

  • Website terms of use

  • Cookie policy

  • Privacy policy

  • Acceptable use policy