Setting up a new business is exciting but
preparation is key.
I’m John Gallagher from Argon Law and
in this video we will look at 5 things you
need to know if you are a startup.
1. Ownership Structure - You will need to
decide on the correct ownership structure. The main
structures are as a sole trader, partnership,
company or trust. Choosing the right structure
all depends on your business needs, now and
in to the future. It is a key decision and
you need to consider the taxation, liability,
flexibility, costs and risks associated with
each structure.
2. Terms and Conditions for your Website – Terms
and conditions govern the way that your website
is used and sets the boundaries of what a
visitor can do. It is important that you have
these terms and conditions to protect your
intellectual property and to enable you to
control the use of your platform.
3. Supply Agreements – If your startup is
supplying goods or services, a supply agreement
allows you to set the terms between your startup
and your customer. This agreement will cover
matters relating to what you supply, how you
are supplying it, the terms of payment and
other key components of the transaction.
4. Third Party Licenses – If you are using
third party licenses in providing services
offered by your startup, such as third party software,
it is important for you to understand how these agreements
operate. Third party licence agreements govern
who owns what, how the third party might terminate
your licence and what would occur if the relationship
with the third party becomes strained.
5. Insurance – You will need to speak to
an insurance broker about the appropriate
insurances that you can and should have as
part of the operation of your business.
At Argon Law we can support you in various
ways to get your startup business off the
ground the right way. You'll find more information on our website about how we can help.
