Starting a business
Starting a business is exciting, but it also comes with a multitude of legal considerations. At Oracle Solicitors, our experts specialise in providing comprehensive legal guidance to entrepreneurs and business owners to ensure their businesses have strong foundations.
We understand the intricacies involved in starting a business, and we are here to help. From entity formation and registration to drafting contracts, protecting intellectual property, and complying with regulations, we offer tailored solutions that address your needs.
What you need to know about starting a business
There are three types of companies under the Companies Act 2006 (CA 2006): company limited by shares (private or public), company limited by guarantee and an unlimited company.
Community interest companies were created by the Companies (Audit, Investigations and Community Enterprise) Act 2004 and these are limited liability companies.
Registration
Certain documents and formalities must be filed and met before the Registrar of Companies registers the entity by issuing a certificate of incorporation.
Our experts at Oracle Solicitors can assist you in registering your company.
Company Constitution
The two main documents are the memorandum of association (MA) and articles of association (AA). Since the introduction of the CA 2006, the MA is merely an overview of the entity at the point of registration.
The CA 2006 provides model articles for private companies limited by shares, private companies limited by guarantee and public companies. The AA can be amended from the outset or at a later date, subject to a valid resolution.
Post Incorporation & Company Records
Upon receipt of the certificate of incorporation, certain matters should be dealt with at the first board and general meeting.
Some documents and company records must be kept at the registered office of the company (e.g., records of resolutions, PSC register). Private companies have the option to keep certain records at the central register rather than at the registered office of the company.
Should you ever require assistance in registering a company, our experts can offer you the advice and assistance you in making the necessary applications throughout.
How we can help
If you are planning to start-up your own business, our solicitors can provide advice that is tailored to your specific needs. For more information about how we can help your business with day to day legal advice call 020 3051 5060 or leave your message with your contact details and we will get back to you.
FAQs
Understanding the legal requirements for starting a business in the UK is crucial. You need to do your research or get experts like us to discuss aspects from registering your business with Companies House, obtaining necessary licenses and permits, complying with tax obligations, to fulfilling employer responsibilities. Every business is different and if you are setting up a business in a regulated industry then it is important to have the right policies and procedures in place.
Choosing the appropriate business structure depends on your business plan. Your business plan should look to the future and having appropriate structures in place early could save you time and money in the future.
There are different structures available, such as sole trader, partnership, limited liability partnership (LLP), and limited company. Seek legal advice on the implications related to liability, taxation, management structure, and reporting requirements.
Intellectual property protection is a complicated area of law but having safeguards in place could protect your innovative ideas and creations.
You may need to register a trademark, a patent, or your copyright with the Intellectual Property Office.
We would suggest that you discuss strategies for protecting trade secrets and enforcing intellectual property rights in case of infringement with our experts.
Having well-drafted contracts and agreements could save your business in the long-term. Every business is different and therefore contracts should be tailored to your specific needs.
There are several contracts that you may need drafting and future-proofing including shareholder agreements, partnership agreements, terms and conditions for customers, employment contracts, and confidentiality agreements.
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