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Starting up a business
Happyclappy
Posts: 11 Forumite
Hi everyone!
I'm wondering if anyone would be able to offer me some advice on this?
My partner and I live in a relatively remote place where there are very few well paid jobs and, at the same time, we've reached 'that age' where we want to spread our wings and make money on our own terms. I've had a great idea for an online business which suits both of us very nicely, and we have been working together on setting this up. I've been self-employed before but have never set up a company so I have a few questions.
So... am I right in thinking that setting up a company is the way to go here? Or, is there any sense in waiting to see if it takes off before doing this? (We will need insurance and legal terms & conditions so I'm guessing it makes sense to do all this at once.) Is it easy to set a company up ourselves or would we be advised to see a Solicitor?
Also, at what point should we do all this legal stuff? We're currently building the site, which is taking time. It could be another month or two before we're ready for customers, so at what point should we put all the legal stuff in place?
And, do I need to think now about how we're going to split the income, shares etc? My partner has a son and is already talking about maybe selling the business in the future. Whereas, (at the moment), I see it as something I could do for many years; it was my idea and it's something I've always been interested in and is very much 'in my blood' if you know what I mean. Of course, things change and anything can happen but I'm wondering if it's possible to establish now that if he died, his share would come to me? We've agreed a % split of 51:49 - does that sound OK? Any ideas for how best to handle all this?
Last question: where can I find out everything I need to know so I don't inadvertently break laws or make myself vulnerable? For example, I have read about the Data Protection Policy and other laws regarding online businesses and I need to know what sort of insurance I need and probably other things too. Is it a case of ringing round and googling (often quite blindly) or is there somewhere I can get proper, comprehensive advice?
Many thanks all! Very best wishes
I'm wondering if anyone would be able to offer me some advice on this?
My partner and I live in a relatively remote place where there are very few well paid jobs and, at the same time, we've reached 'that age' where we want to spread our wings and make money on our own terms. I've had a great idea for an online business which suits both of us very nicely, and we have been working together on setting this up. I've been self-employed before but have never set up a company so I have a few questions.
So... am I right in thinking that setting up a company is the way to go here? Or, is there any sense in waiting to see if it takes off before doing this? (We will need insurance and legal terms & conditions so I'm guessing it makes sense to do all this at once.) Is it easy to set a company up ourselves or would we be advised to see a Solicitor?
Also, at what point should we do all this legal stuff? We're currently building the site, which is taking time. It could be another month or two before we're ready for customers, so at what point should we put all the legal stuff in place?
And, do I need to think now about how we're going to split the income, shares etc? My partner has a son and is already talking about maybe selling the business in the future. Whereas, (at the moment), I see it as something I could do for many years; it was my idea and it's something I've always been interested in and is very much 'in my blood' if you know what I mean. Of course, things change and anything can happen but I'm wondering if it's possible to establish now that if he died, his share would come to me? We've agreed a % split of 51:49 - does that sound OK? Any ideas for how best to handle all this?
Last question: where can I find out everything I need to know so I don't inadvertently break laws or make myself vulnerable? For example, I have read about the Data Protection Policy and other laws regarding online businesses and I need to know what sort of insurance I need and probably other things too. Is it a case of ringing round and googling (often quite blindly) or is there somewhere I can get proper, comprehensive advice?
Many thanks all! Very best wishes
0
Comments
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You will need a solicitor and accountant.
I assume by legal stuff you mean TOS/Privacy Policy etc. then you will need these built into your web design. also UK based websites now need the opt in/opt out cookie option along with full business name/address and contact number.
Data Protection, if you are storing/holding customers details online or in manual files then you will need to register with the ICO £35 a year. also if you sell online your site will need an SSL certificate0
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