Do you want to feel like more than just a mom? Always dreamed of launching your own business? There’s no better time to do so, as you can embrace a new passion while providing a better future for your children.
Yet you must look beyond the business plan, sales and marketing when first starting out. As boring as it might sound, it is necessary to follow various legal requirements to avoid problems down the line. Here are the six legal processes every startup company must follow.
- Choose the Right Business Structure
It is essential to do your homework when choosing the best business structure for your new business model, such as a sole proprietorship, limited liability company, or general partnership, plus more. For example, you must consider tax law, liability laws, and the rules regarding filing annual reporting. If you are in a foreign country you can contact a specialised service like Creation BC to help.
- Write & Publish a Website Terms & Conditions
A website’s terms and conditions will outline how a website is used, so will serve as a contract between the webmaster and web visitor, so they will understand the relationship when using your website. It will also indicate what a user can and cannot upload onto the website, as well as information regarding the payment process, cookies, and privacy policies.
- Protect Your Intellectual Property
Every new business should identify how it can protect its brand, materials, and inventions, which can ensure the success and longevity of your new company. For example, you should look at different ways to protect your intellectual property, such as trademarks, copyright, or patents. This will ultimately prevent your competitors from using your branding or features to grow their business, and it can help you create a more identifiable brand. If a company does infringe on your intellectual property, contact a business litigation lawyer for assistance.
- Create Employment Contracts
Are you planning to hire employees to help run your startup company? You will need to create employment contracts to provide to employers once they join the business. This should detail information regarding an employee’s start date, job title, job description, salary, expected working hours, probationary period, place of work, and disciplinary procedures.
- Draft a Shareholder’s Agreement
Are you planning to launch a startup company with a co-founder or investor? A shareholder’s agreement is a preventative measure that can help to resolve complex situations in the future regarding ownership. Drafting an agreement will, therefore, allow you to regulate the business relationship with either a co-founder or investor. So, everyone will understand the business relationship and expectations from day one of working together.
- Hire an Experienced Accountant
Every startup company, regardless of its size or revenue, will need to pay their taxes. If you don’t have a mind for math, you would be wise to hire an experienced accountant to take care of your finances and paperwork on your company’s behalf. This will ensure your taxes are paid on time and are accurate, which can prevent an unwanted tax audit that could affect your company’s productivity and finances. What’s more, they will understand the best tax breaks for your business, which can substantially increase your bottom-line. They can also help to separate your business and personal income, so you will never confuse the two and make a big financial mistake that could affect your family.
So, now you know the legalities of becoming an entrepreneurial mommy, all you need to do now is start your brand-new business.