Starting a new business can be a daunting prospect. Taking an innovative idea and turning it into a tangible product or service is not without its struggles. How do I register for government funding? Who is going to advertise my brand? How do I protect my company? Startup law specialists, Buckworth Solicitors talks us through some of the common challenges facing startups.
These are questions often asked by entrepreneurs. So where do the elusive answers to these pressing questions lie? In the words of an 80’s film classic ‘who are you gonna call’?
As specialists in startup law, Buckworth Solicitors have worked alongside many a-budding businessmen and have helped them translate initial concepts into something tradable within the public domain. However legal services serve as just one piece in the puzzle; connecting the others presents you with the final dream team. So here their list of people you really need to know when you set up a startup - starting, of course, with the solicitor...
Solicitor: Essentially your business’ best friend, the solicitor handles all legal matters from patents and trademarks to privacy policies and data protection. Buckworth can provide legal support in all areas surrounding StartUp law, which includes but is not limited to the following:
Customer Contracts: The cornerstone of any business, this document limits the liability of the business and provides the legal framework to require the customer to pay. Customer contracts can take three main formats: terms of business, terms and conditions on websites and formal written agreements.
Privacy Policies and Data Protection: An integral part of any business (particularly with tech/web based industries), privacy policies communicate a business’ practices in regards to the collection, storage and use of customer/employee personal data. As the sharing of information has evolved alongside the growing presence of social media, it is fundamental that companies comply with data protection laws as failure to comply can result in criminal sanctions and damage.
Intellectual Property Rights (IP): By this we don’t mean an incredibly smart house, rather the ownership of rights relating to a company’s design, graphics, content and source code. Securing IP ownership early on is crucial for a new StartUp; applying for trademarks and patents offer a period of protection for your brand and ideas from competing businesses.
Seed Enterprise Investment (SEIS): In short, SEIS is every startups best friend. This tax relief scheme encourages high net worth individuals to invest in high risk startup businesses and secure a very attractive tax relief package from HMRC.
For a full comprehensive list of all the legal services Buckworth Solicitors provide, please visit www.buckworthsolicitors.co.uk or alternatively call 02079521720.
Buckworth Solicitors will be hosting a series of events throughout this Autumn - have a look at the calendar here.