We know the start-up struggle.
You want to focus on your product and getting it out there, but between choosing a business name, issuing shares, protecting your brand and putting your contracts in place, it can get pretty overwhelming.
That’s why we’ve brought together these 5 essential legal tips to help you get started.
Do your research when picking a business name.
It sounds simple but it is a fairly common mistake – try to pick a name that isn’t already in use.
Search what’s out there as much as you can using internet searches and social media searches, check Companies House if you are in the UK and consider checking the Intellectual Property Office for registered trademarks using that name.
If you have Co-Founders, consider how you allocate shares and responsibilities.
Formalise the arrangement as much as you can by using a shareholders’ agreement and directors service agreements.
Any start-up that is run efficiently and effectively, keeps good records, and takes ownership of their responsibilities will be a much more attractive proposition for investors in the future.
Protect your brand and intellectual property.
Once you’ve got your business name, you can help to protect it by registering a limited company, registering it as a trademark and buying domain names that use that name.
If you have created or developed a design or technology, you may be able to register a patent or design right.
Put contracts in place with your customers and your suppliers.
Your client contract is the most important contract in your business – as this is the one that generates revenue!
Whether that’s a licence or terms and conditions, the contract needs to be reasonable but protect your business.
If your suppliers are creating, developing, supplying, or manufacturing something for you – it’s best to have a contract to ensure deliverables and milestones are met and that your business owns any intellectual property created.
Get a good accountant and a good lawyer! Great companies need great advisers.
Advisers who know your business and offer flexible and affordable advice for entrepreneurs and startups are the dream fit and will add so much value.
A good accountant and a good lawyer will be able to help you tackle all of the points raised above and more.
To find out more, click here.