Solicitor's legal advice for new Fylde Coast businesses

Alongside the fun and enthusiasm of setting up a new business are the tricky bits of due diligence which could make all the difference a few months or years down the line.

Whether selling handmade clothes, baking cakes, or offering surveying, marketing or beauty services, all have some things in common. It is important to put the right foundations into place to ensure that legal issues surrounding things such as customer care, terms and conditions, employment, and premises contracts are properly handled.

It’s also worth seeking advice on possible contraventions of existing employment contracts if setting up a competing business. But being open with an employer could have surprising results. We’ve seen offers of investment and even referral of clients from the original business if good relations are maintained.

The first hurdle is choosing a name, it can’t be the same as a business that already exists, and a legal structure, and then registering with Companies House.

Selecting the right legal structure for your business – be it sole proprietor, limited company or partnership – can save money, make money, and give certain protections future headaches. The wrong one can take years to unwind, especially if the corporate documents are not in order.

This is especially important if there is more than one founding partner, or shareholders and directors. It is vital that roles, responsibilities and division of benefits is committed to paper properly, to protect all parties.

Whether a micro-corporate or a lifestyle business, certain paperwork is required to set up business banking accounts, register the company, make tax arrangement, establish copyrights, or access certain funding pots. Trying to get by without it is a dangerous risk that few successful entrepreneurs would advise.