Starting a business is a huge achievement, and nothing can be more satisfying than achieving your long-awaited dream of owning a company. But it is as tricky as it is rewarding, there are many things that need to be considered before starting your business, but the most important of them all is the legal matters. Everything else can fall into place, but if you don’t prioritize legal issues and take care of them from the get-go, they might become a problem for you in the long run.
Learning about the legal matters that arise when establishing a business is essential, but there’s no need to be overwhelmed; here are some legal issues that you need to prioritize, and everything legally will work in your favor.
Shikana Group provides legal advisory in Tanzania. Our professional legal advisors have been working in the field for several years and have expertise in business legal matters that will keep both you and your business safe from any legal issues.
Business Structure
One of the first few things that you need to determine before starting a new company is the structure of your business. Every business has different legal structures, including sole proprietorship, partnership, corporation, etc.
The legal structure of your business will determine how you will be able to operate it and how many licenses you will need. It also affects the way you will be inclined to pay taxes and keep your account. So it is safe to say that determining your business structure is the base of it.
Trademark
Before you decide on the name and logo of your business, you must check if there is another business with a similar name. If you choose your name without this precaution, it might cause you trouble after you start operating. Do the research to avoid infringing on another business’s trademark, and once you have decided on the name and logo, make sure that you register it as your trademark so that other companies cannot use it as theirs in the future.
Licensing
In order to operate a business efficiently, you will need several licenses. While the amount and nature of these licenses will depend on the structure of your business; however, you will need some licenses regardless of the structure i-e trading license, business license, and tax permit. Additionally, you will need a license from the relevant industry you are working in.
Health & Safety Laws
As a business, you must take care of the health and safety of your employees. It is also your duty to build a healthy environment at the workplace and the safety of everyone, including clients and visitors of your firm. For this to work, you will have to identify the risks posed to individuals by your business activities and try to change the procedures, and remove the things that cause any such inconvenience.
Contracts
If you are building a firm, it comes as no surprise that you will be making contracts and agreements with several other businesses and people. But getting into a contractual relationship can be very tricky when there are finances involved. One thing that you must check before finalizing any contract is that you have the right to confidentiality. Your partners will be able to see your business information, so make sure you get the documents of confidentiality ready and get the other party to sign them.
Hire A Legal Advisory Firm
Starting a new business is not easy and can require a lot of expertise. You need to know what laws apply to your unique business, and an excellent legal advisory firm can help you get these things right. It is better to get legal advice for these matters from the get-go so you can access professionals to guide you at every step of your business and keep the legal trouble away from you.
If you are looking to get legal advisory in Tanzania, contact Shikana Group and our team of expert lawyers will help you to the best of their abilities, so you don’t face any legal issues after establishing your business.