When you are running your own business there's a never-ending list of tasks to complete. Managing your legal requirements may not be near top of the list. Obvious legal issues are often 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 how or where to start? Just read on. We'll explain key areas in which every business will need to deal with legal issues. Learn the secret of how the law matters and, if applied well, how it will create value for your business.
When starting a new business, you will need to decide the type of business structure that will be used 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!
Make sure you own your trade mark and you maintain and protect it after registration. A trade mark is one of your most valuable commercial assets if managed properly.
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 funding. There are many ways to raise capital. It is important to understand the advantages and disadvantages of different types of funding and to make sure you use the right documents when raising finance.
Employment law is complex, so make sure you are up-to-date with legal regulations. There are many issues employers face on a day-to-day basis when dealing with employees. Use written legal documents and follow the right procedures to avoid disputes at work.
Going online can be a lucrative way to expand your business and grow revenue. The steps to starting an online business are similar to starting any other business but, as e-commerce has grown significantly in the past few years, there has been an increase in the amount of legislation that governs online businesses. Neglecting these basics can put your business at risk.
There is a wide range of contracts that need to be used regularly in the course of doing business. Make sure you have the right documents in place to protect your business interests.
Seed Investment Agreement (Ordinary Shares)
Founders' Agreement (for Three or More Individual Founders)
Convertible Note Term Sheet
Deed of Adherence
Supply of Services Agreement
Convertible Note Subscription Agreement
Convertible Note Certificate
Simple Agreement for Future Equity (SAFE)
Shareholders' Agreement (for Three or More Shareholders)
Sale of Goods Agreement (Business to Business)
Term Sheet (Ordinary Shares)