If you’ve just started or are about to start a business, you’re probably still a little confused about business law. It’s not easy to get your head around it, but this guide should help you out.
Registering Your Business
Every business that is operating legally has to be registered. Even if you’re working for yourself and hiring no one, you’ll need to do this. You might not see yourself as running a business, but in the eyes of the law, you’re a sole trader. There are lots of other types of business registration too though.
One of the most popular is registering as a limited company. The reason why this is so popular is that it takes liability away from the individuals who own the business and places it on the business itself. This means you won’t have to suffer any personal financial damage if the company takes a hit.
The chances are your business will need some kind of business insurance. But there are lots of different types of business insurance out there, so the type that’s best for you will depend on what your business does. If you work in other people’s homes, for example, you’ll need tradesman insurance. This will cover you in case you need to pay out for damage caused to your client’s home.
One of the other most common types of business insurance is professional indemnity insurance. This will cover you if you’re dealing with customer details or private information. If you make a mistake, and the customer suffers as a result, the policy will cover you.
Intellectual property is something intangible that you create. It could be a brand or an idea or a concept. Basically, it’s something that isn’t physical. So, by protecting your intellectual property by using intellectual property laws, you’ll be able to make sure that your business rivals don’t steal your ideas.
If you don’t have this protection for your intellectual property, you could experience vast losses. That’s why it’s so important. If you’re still waiting for your property rights to be confirmed, you should keep your idea as quiet as possible. There are lots of different types of intellectual copyright such as patents or trademarks.
Keeping ordered records is a must for every business. If you find yourself in court, your records might be able to back you up and save your skin. If this does happen to you, use a lawyer lookup service and find a lawyer to go through your records for you. They’ll then be able to put your defence case together with you.
Having organised business accounts and records will also help you when it comes to paying your business tax. Unless you know exactly how much has gone out and come into the business in the last tax year, you’ll have problems. If your records are a mess right now, you should hire an accountant who can go through them with you.
Every business has to comply with the law, so make sure you take the advice outlined above seriously.