Employment law advice – What you need to know legally when starting a business
Set up your business
You must decide which legal structure suits your business before you register for tax and start trading. You do need to understand the different risks and benefits before you choose – whether you set up as a sole trader, limited company or partnership – the way you’ll have to pay taxes and how much control you have on your business. for reasons such as this is is a good idea to seek employment law advice before establishing your business
If you need other people with specific skills to run your business, you should take on employees. Inform yourself about your legal responsibilities as an employer, including payments, taxes and insurances, before you start employing staff.
Even if you’re not employing people, you must get insurance for your business.
Find an authorised insurer and search which licenses and permits you’ll possibly need to get based on the type of your activity, using the licence finder tool.
Working with advisers, accountants and legal advisers
Make sure you get an estimate from any advisers you work with and agree in advance what they will do. They might charge an hourly fee or offer a fixed price. It’s always better to get different quotes before you decide who to use, so you can compare prices and make sure you’ll be able to work well together.
An accountant can help with financial advices and managing growth. Some of them are fully-qualified members of a professional body.
You should also take into account getting legal advice to set up your business. This is particularly important if you want to sell shares. Find a solicitor on the Law Society website.