Hire a Team

June 20, 2017

Employment law is a broad area of law. It encompasses all areas of the employer/employee relationship, touching on issues that employers and human resource practitioners face on a day-to-day basis. Make sure you use the correct documents and follow the right procedures when dealing with employment issues.

When hiring employees, you will need a written Employment Contract. An Employment Contract is something every employer needs to have in place. An Employment Contract should cover key areas, such as probation period, pay, benefits, hours, annual leave, and termination.

Hiring an independent contractor, consultant, or freelancer can help you get specific expertise on board for a short period of time without the responsibilities associated with employees. In this case, you should enter into a Consultancy Agreement, which will also ensure that any intellectual property created by the consultant belongs to your business, not the consultant.

Hiring interns might be an easy way to access extra resources. As a startup or growing company, you have a tight budget. You only have a few employees but need a lot to get done. Use a Letter Offering Internship to set out the terms of the internship.

When you appoint a director, you will need a Director’s Service Agreement. A director has certain rights and obligations as an employee and additional rights or obligations that arise as a director of the company. It lays out key information about the director’s work. It gives the company and the director contractual responsibilities and allows either side to take legal action if the other side breaches the agreement.

Workplace policies help to set out the obligations of both employers and employees. A written Data Protection Policy and Health and Safety Policy are often a legal requirement, depending on where you are based. With the ever increasing presence of the internet in the workplace, it is also recommended to have a written Social Media Policy in place.

Giving employees equity in the company is a popular way for startups and fast-growing companies to reward key employees for their performance. This can be done through a Share Vesting Agreement and an Option to Purchase Shares.

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Fund Your Business

All businesses require capital. Whether it is to start a company, pay salaries, innovate, or spend on marketing, your business won’t be able to grow without any funding. There are many ways to raise capital. It is important to understand the advantages and disadvantages of different types of fundraising and to make sure you use the right documents when raising finance.

There are three main fundraising avenues to choose from: personal, debt, and equity. Many entrepreneurs use a combination of different funding types.

Invoice financing and bank loans are popular ways to get an initial infusion of capital as most entrepreneurs do not have enough personal money to fund their business. You can also ask family and friends for support via a loan. A simple Promissory Note details the terms of the loan and can avoid future disagreements.

Other businesses might be interested in helping you out. In that case, use a Commercial Loan Agreement to set out the terms and conditions of the loan. Sometimes, a director or shareholder decides to lend money, especially when the business is still relatively young and it is not so easy to obtain funding. Then a Loan from Director or Shareholder is the correct document to use. In the case a sister company helps out, you should use an Intragroup Loan Agreement.

You can ask private investors, such as venture capital firms or angel investors, to purchase shares in your company in return for an investment. You will need a Term Sheet, a Seed Investment Agreement, and a Share Certificate if you choose investment through ordinary shares. Alternatively, if the investment is funded through a convertible note, you will need a Convertible Note Term Sheet, a Convertible Note Subscription Agreement, and a Convertible Note Certificate.

A private investor can also invest in your company using a Simple Agreement for Future Equity (SAFE). This is a relatively new concept and is similar to a convertible note. Essentially, it is an agreement whereby the investor provides capital to the company and, in return, the company provides a warrant to issue shares to the investor at a later time and upon a specific event, such as at the next round of funding.

You will also need a new Shareholders’ Agreement and a Directors’ Resolution to Issue Shares.

Governments also offer a wide range of support and grants. Check whether you are eligible.

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Own your Intellectual Property

Protecting your intellectual property is a vital step in protecting your business. When managed properly, a trade mark has the potential to become one of your most valuable commercial assets. Dragon Law has helped hundreds of businesses register their trade marks. We ask you a few questions and guide you through the process. We do the paperwork and manage the application for you. It’s fast and easy.

Contact us now to register your trade mark and protect your brand.

Once you have registered your trade mark, you might need a Trade Mark Licence Agreement. This is a document through which the owner of a trade mark (the licensor) gives approval to another person (the licensee) to use the trade mark, normally for a licence fee. This document helps parties to clarify important questions, such as how the trade mark can be used, the duration and territory of the licence, and the responsibilities of both licensor and licensee.

If you decide to sell or transfer a trade mark, you will need a Trade Mark Assignment. This can help to ensure that the rights that are being transferred are correctly identified and assigned, the fee for assignment is established, and both parties are clear on their rights and remedies.

Before entering any commercial relationship, start with a Confidentiality Agreement, also known as a Non-disclosure Agreement (NDA). This ensures that other businesses do not misuse any commercial information you exchange during negotiations. Use a one-way Confidentiality Agreement (unilateral NDA) if only one business is sharing information or a standard two-way Confidentiality Agreement (mutual NDA) if both parties reveal sensitive information to each other.

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Form a Business

When starting a business, one of the first decisions to make is the type of business structure that will be used to operate your business.

If you’re setting up alone, you can choose to start as a sole trader (sole proprietor). If you’re going into business with a one or more colleagues, a business partnership may be the best option. In this case you will need a Partnership Agreement. A limited company is, however, the most common business type as it is a separate legal entity from its owners and therefore protects personal assets from business risks and liabilities. This is not the case for a sole trader or business partnership, where the owners are personally liable. Therefore setting up a limited company is highly recommended.

As a founder of the company, make sure you have a Founders’ Agreement or Shareholders’ Agreement in place. This agreement formalises the rights and obligations of the shareholders and also covers important issues such as company administration and day-to-day management. Each shareholder will need a Share Certificate as evidence of their shareholding in the company. You will also need to appoint a director to run the company and a company secretary to deal with the administration of the company. The company secretary needs to record important decisions in company secretarial documents, such as minutes of directors’ meeting and resolutions.

Carefully consider what type of business entity is right for you and where you would like to incorporate your business. Different countries offer different tax schemes, and it’s easier to start a limited company in some countries than in others.

Dragon Law can help register your company.

Incorporate your business now! Contact us to get started.

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The Six Stages

Starting a new business is an exciting prospect. Working for yourself, turning your ideas into reality, and making your own money has motivated many to take the entrepreneurial route and set out on their own. In the excitement of launching a business, obvious legal issues can often be overlooked that later derail an otherwise well-thought-out business plan.

Putting in place basic legal documents protects the interests of your business, as they help to set out clear rights and responsibilities. Written legal agreements are a great way to create clear expectations and therefore help to avoid conflicts. For an entrepreneur or business owner, tackling your legal needs can seem daunting, but it doesn’t need to be.

Not sure where to start? Just read on. We’ll explain the six different stages every startup goes through. Learn the secret of how to get started quickly.

Form a Business

When starting a new business, you will need to decide the type of business structure that will be used to operate your business and, if relevant, where you would like to incorporate your company. Some countries are easier than others. Different countries also offer different tax schemes. Be smart in deciding how and where to incorporate!

Own Your Intellectual Property

Make sure you own your trade mark and you maintain and protect it after registration. A trade mark will be one of your most valuable commercial assets if you manage it well.

Fund Your Business

Your business will not be able to grow without funding. Learn what methods are available, what documents you need, and what is the best way for your business to start raising capital at an early stage

Hire a Team

When growing your business, you will need to hire a team. Employment law is complex, so make sure you are in line with legal regulations.

Go Online

Going online can be a lucrative way to expand your business and grow revenue. Think about how to protect customer data, outline terms of use, and include payment terms. Neglecting these basics can put your business at risk.

Sell Goods and Services

There is a wide range of contracts that need to be used regularly in the course of doing business, including before you enter into a commercial relationship, when you sell goods or services, or when you expand or decide to terminate a collaboration.

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