4 Legal Basics for Your Startup

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Launching a small business is a life-changing move for every businessperson. It brings a certain degree of excitement, together with passion for professional improvement. However, there is also another side of being a small business owner – the legal aspects of business conduct. Even before you make up your mind to start your own business tale, you need to master some legal basics, to work in accordance with the law from the beginning of your career. Here are 4 legal basics for your start up:

Launching a small business is a life-changing move for every businessperson. It brings a certain degree of excitement, together with passion for professional improvement. However, there is also another side of being a small business owner – the legal aspects of business conduct. Even before you make up your mind to start your own business tale, you need to master some legal basics, to work in accordance with the law from the beginning of your career. Here are 4 legal basics for your start up:



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1. Check if your planned brand name is available

Just try to think of a brand whose products you use and ask yourself whether or not you would use them if they had a different name. Coining a catchy name is one of the most important steps taken along the business-founding journey. When you look at the names of some of the most famous global brands, they rarely have more than two words. Even if it is a case, they force the use of acronyms.

So, try to think of a catchy phrase that would consist of your surname and a common noun depicting your basic business activity. Incorporating your own surname into the name of your business can be helpful when it comes to local small businesses as it can personalise the business as well as helping people identify the person behind the business.

Then check if the name you wish to give to your business is already taken. You can do searches online and on the CRO website. 

2. What type of business entity?

This is probably the hardest decision to make when you want to launch your own business. Your whole business policy will depend on the type you choose for your business. From your own personal taxes to your income and your employees' wages, the business entity that you choose will determine your collaboration with Revenue and insurance, and other authorities. 

It's worth talking to an advisor to get some advice before you form the business entity just to make sure you understand the pros and cons of them all. 


Recommended reading: How To Finance Your Startup


3. Get in touch with the taxman

No business can work without the knowledge of the tax authorities. So, once you have registered your enterprise, it is time to go and ask Revenue to give you your own tax identification number.

4. Taking employees on

Only sole proprietors do not have a right to hire employees. All other types of businesses are allowed to recruit workers in order to achieve better business results. You are going to have to learn how payroll is calculated and when the incomes of your workers are taxed. Also, you have to know when you are obliged to give them a day off, as well as how much they should be paid for overtime work.

Employment contracts need to be correct.

Since this is a wide area which can be very important for your every day work, it would be smart to seek business legal advice, so as to avoid costly mistakes.

In general, it's good practice to consult with a solicitor on any legal aspects, if you are not sure, call them first and check if this is something they can help you with. 

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