Few economies have escaped the ongoing effects of 2020’s global coronavirus pandemic. While the pandemic has led to thousands of firms having to close their doors in the UK and abroad, record numbers of intrepid founders are striking out and opening up for the first time.
According to analysis by the Centre for Entrepreneurs, nearly half a million companies have been set up between March and September 2020 in the UK, an increase of over 44,500 additional companies when compared to the same period in 2019.
Here, we share how five clients have adapted to the challenges and opportunities of launching a business during the pandemic. And, for those who are inspired to launch their own business, we explain nine legal considerations that every entrepreneur should be aware of before starting out.
When you’re caught up in the excitement of a product or service launch, the last thing you may want to think about is the legals. You know your business inside out, but the law is unfamiliar territory. Suddenly, strange terms like articles of association and term sheets are being thrown about, not to mention the alphabet soup of acronyms like NDA, EIS or IPO.
But try thinking of it like this. Getting on top of the law is just another business skill and is a great way to stay ahead of the competition. Many entrepreneurs neglect legal issues until it’s too late. And failing to understand how start-ups can use the law to protect their interests is one of the most common mistakes they make and can cost you your business.
That’s why, as well as sharing the experiences of other founders, the report contains a collection of nine types of legal agreement that are essential to new business success.