FOR those starting out in business, turning an idea into trading reality involves time, energy, commitment and, more often than not, investment.

But in your rush to get started, have you stopped to ensure your business is legally sound?

Porter Dodson’s quick guide for new businesses highlights some of the key areas to consider.

1. Business structure – will you be a sole trader, company or partnership? There are pros and cons to each option and professional advice should be sought, especially in light of recent changes introduced by the Budget.

2. Premises – are you leasing, buying or operating from home? A new lease is a good option for new businesses as it avoids excess initial outlay with longer term flexibility.

3. Staff – people are key to success. Put in place employment contracts and key benefits from the start.

4. Branding – spend time getting your image, reputation and name right, but remember that there are a number of rules and regulations to be aware of.

5. Protection – consider product, business and brand protection through intellectual property rights (trademarks, copyright and patents), bespoke contracts (including terms and conditions) and insurance.

6. Tax – seek professional advice to ensure you are properly registered with HMRC. 7. Funding – where you are seeking external finance you will need to produce a business plan. Fully consider any personal or business security requirements of the overall funding package.

The Porter Dodson Corporate Commercial team understands the stress of setting up your business.

They are available to help manage the legal process, freeing you up to focus on the success of your new venture.

For more information, contact Evelyn Adfield at Porter Dodson on 01823-625848.