Setting up a new business is exciting but preparation is key!
1. Ownership Structure
You will need to decide on the ownership structure. The main structures are as a sole trader, partnership, company or trust. Choosing the right structure all depends on your business needs, now and in to the future. It is a key decision and you need to consider the taxation, liability, flexibility, costs and risks associated with each structure.
2. Terms and Conditions for your Website
Terms and conditions govern the way that your website is used and sets the boundaries of what a visitor can do. It is important that you have these terms and conditions to protect your intellectual property and to enable you to control the use of your platform.
3. Supply Agreements
If your startup is supplying goods or services, a supply agreement allows you to set the terms between your startup and your customer. This agreement will cover matters relating to what you supply, how you are supplying it, the terms of payment and other key components of the transaction.
4. Third Party Licenses
If you are using third party licenses in providing services offered by your startup, such as third party software or a third party supplying plans or other design services, it is important for you to understand how these agreements operate. Third party licence agreements govern who owns what, how the third party might terminate your licence and what would occur if the relationship with the third party becomes strained.
You will need to speak to an insurance broker about the appropriate insurances that you can and should have as part of the operation of your business.