This short article takes a look at some important legal advice that every small business owner should be aware of.
If you are in the process of planning a business launch, there’s a lot to take onboard. There are many variables that are out of your control, which means that success is never a given. There are, of course, legal issues to consider. With that in mind, here are a few legal tips that all small business owners should know.
Registering The Business
Of course, you must register your new business with the government and if your preferred location is Thailand, it’s best to consult a Bangkok attorney for advice about the best type of business to register. Lawyers can facilitate the registration process on your behalf. There are pros and cons for each type of business registration and the lawyer can explain each, helping you to make an informed decision. It is important to limit your liability, and a limited company will do just that; this is a trading entity with many benefits.
Taking Out Business Insurance
Of course, as the business owner, it is your job to minimise risk to the organisation. Start with general liability insurance, which every business must have. This covers you in the event you are sued. If you have employees, you need employer’s liability insurance, plus your business premises should be covered for fire and theft, along with all stock.
Know The Labor Laws
The labor laws in Thailand (and other nations) are complex and are designed to protect both employer and employee. Forge an alliance with a business lawyer who is familiar with the employment laws. Once you have the lawyer’s smartphone number, you can call should you need advice on any aspect of labor laws.
Compiling Terms & Conditions Of Employment
This is a critical aspect of hiring staff if your employment T&C are clear and easy to understand, you are less likely to have worker issues. An experienced business lawyer can put together a document that protects the business and is compliant with the labor laws. Should you encounter employee conflicts, talk to your lawyer before responding.
Filing Tax Returns
Prior to launching the business, you should consult with a chartered accountant, a professional who can guide you through the accounting minefield and ensure that a) you are compliant and b) you file your tax returns on time. The accountant can be given a username and password to access relevant data, plus they can keep your books up to date. Don’t make the mistake of leaving your bookkeeping to a later date, as you will very quickly be in hot water. Get into the routine of recording all financial transactions at the end of each business day and make sure you back up the data.
Once you think your business plan is complete, approach a reputable business law firm and let the legal professional advise you regarding your business. The lawyer can advise you as the organisation grows, and you have the peace of mind that comes with knowing your business is fully compliant with local laws.