Fastest 50: Five legal issues to consider as an entrepreneur

When it comes to being an entrepreneur, it can take some time to work through all the legal issues that come your way. You need to know how to fund your business, build and manage your team, contract with your suppliers and customers, protect your IP and, ultimately, defend the value you are building. Gavin Maddison shares his expertise on the legal issues all entrepreneurs should familiarise themselves with.

1: It might seem like a given, but it’s important not to pass on valuable information about your business unless it is protected. Anyone who needs to have this information should always sign a non-disclosure agreement so you have a grip on what they can do with it.

2: Financing your business is fundamental to its success. We offer cost-effective fee arrangements for all sorts of funding transactions, whether it’s bank debt or taking private equity investment. We can also advise you on crowdfunding and trade finance.

3: It’s really important to think about identifying and protecting any intellectual property early on. Often there is value hidden in more areas than you might think. You should make sure that any key IP is owned or controlled by the business.

4: There are decisions to be made as to how you manage your employees. Think tax, employment entitlements, superannuation and claims under employment legislation. For a fixed monthly fee, our employment solicitors will guide you through all of your day-to-day employment law issues. We can also provide insurance which gives full protection against any Employment Tribunal claims.

5: Ultimately, you need to defend your business. Well-publicised changes to rules on litigation funding have reduced the funding options available to companies who wish to take others to court to defend their rights. We offer innovative funding mechanisms including insurance and contingent fees which help you manage the cost of litigation.

For more information on the issues raised by this article, contact Gavin at [email protected] or on 0113 205 6762. Alternatively, visit www.wardhadaway.com