If you have recently set up your own business, you will want to be up to speed on any legal considerations that you might have to take heed of as a business owner.
There are likely to be potential pitfalls on the road to managing a successful company, but making sure you stay on the right side of the law should always be a priority.
When looking for credible sources of legal information, the government has produced a very useful guide for start-ups, which can be accessed here. While not entirely comprising of legal advice for SMEs, this section does contain some legal frameworks that most properly run businesses would have in place. These include the paperwork you might have to fill in when setting up your company, the taxes you could be liable to pay, how you can take a profit from the business, and implications if it makes a loss.
Staying online, there are a number of helpful legal resources that have surfaced on the internet in recent years – they should, however, be treated with a degree of caution. While anybody with a laptop can produce a bogus website claiming to offer legal advice over the net, only a few can claim to be credible providers with qualified legal experience.
There are also a number of organisations and foundations which can provide you with sound legal advice, or at least point you in the right direction. Among them is the National Enterprise Network, which prides itself on offering impartial and independent advice to start-ups. Then there is the New Entrepreneurs Foundation, which has a focus on development. Their many training and mentoring programmes have the potential to educate you on legal issues, meaning you can save money by understanding the basics yourself. The same ethos is employed by Enterprise Nation, where you are able to put any initial queries you may have to a supportive community.
There are many possible sources, both paid and unpaid, for legal advice as you begin life as a start-up. The key is to not take any information as gospel unless you are 100% sure it is from a credible and qualified legal source.