Starting a Company

The first question is whether you even need to set up a company structure. If so, are there issues around what the business will be called, what its registered address will be, what the share allocation will be and whether the way it is set up is tailored to your particular business needs?

It is important to use specialist company formation and corporate governance specialists who can guide you on what you need to have in place before setting up a Limited Company. They can then keep you on track, making sure you comply with all the strict Companies House rules, such as filing of accounts and confirmation statements.

Company Professionals only deal with fully insured members of the Association of Company Registration Agents.

As well as having the right corporate structure, you need to have everything in place to ensure that you are compliant with HMRC in relation to tax, both as a director and personally. Having an accountant on board who understands the challenges of setting up a small business is essential.

They can help with:

• Financial forecasting
• Advice on whether to become VAT registered
• Tax planning and bookkeeping

Most accountants work with cloud-based digital accountancy packages and can advise you on the best and most cost-effective platform for your business.

If staff are involved, or even just an owner director, there may be a need to sort out:

• Payroll
• National Insurance contributions
• PAYE
• Auto enrolment pensions
• Furlough payments in response to COVID-19

Experienced business accountants also give you a watchful eye on the all-important cashflow, which if not managed properly can be terminal during the early stages of any business.

Company Professionals only deal with fully insured Chartered Accountants registered with the Association of Chartered Certified Accountants (ACCA), Institute of Chartered Accountants in England and Wales (ICAEW) or Association of International Accountants (AIA).

Most businesses, even when they are starting out need to employ people, who are your biggest asset, but equally your biggest liability. It is crucial to have expert and professional support when setting up your HR structure ensuring compliance and protection in terms of:

• GDPR
• Contracts of employment
• Policies and procedures covering things like:
  • Equality and diversity
  • Health and safety
  • Managing information
  • Internet and social media use
  • Sickness and absence
  • Maternity and paternity

It is also important to ensure from the outset that systems are in place for managing:

• Workplace absence
• Holidays
• Sickness
• Temporary staff
• Zero hours contracts
• Furlough and managing COVID-19

Having experienced experts looking after all this at the start will help to reduce the risk of time consuming, reputation damaging and potentially expensive employment law disputes.

Company Professionals only deal with fully insured members of the Chartered Institute of Personnel and Development.

Whilst starting a business can be exciting, experienced businesses have learned the hard way. With expert professional legal help, you can avoid problems before they hit you. To help you navigate these challenges, an approachable, experienced, pragmatic firm of solicitors will also need to be part of your trusted team. New businesses are often naïve - the risks of being taken advantage of can be reduced by taking simple measures at the start, such as having:

• Robust contracts of engagement
• Service agreements
• Payment terms, refund and cancellation policies
• Limitation of your liability
• Jurisdictional limitations

An experienced team of business lawyers can help with drafting non-disclosure agreements, commission agreements, terms and conditions for working with third parties and suppliers, for example, are you clear on who owns your website domain name, logo and branding? Also, do your online assets have suitable terms and conditions, privacy and cookies policies and notices? Is your business processing personal information, if so, should the Company be registered with the Information Commissioner?

Also, if you need premises for the business, you may need help in negotiating complex lease terms with experienced commercial landlords, as well as checking that the property has the right planning permission and consents for your type of business.  

Company Professionals only deal with fully insured Solicitors registered with the Law Society and Solicitors Regulation Authority.