Key Issues in Running Your Business

5. Comply with Legislation

Legal problems can tie up critical resources for months, or even years, and leave key parts of the business vulnerable.

5.1 Find out about the range of general laws that are likely to affect you.

• Ask your advisers (see 6.2).

5.2 Comply with all employment legislation, particularly when you hire or dismiss anyone.

5.3 Provide a safe working environment.

• If you have five or more employees, you must have a written health and safety policy.

5.4 Fulfil your duties as a director.

• If your company gets into financial difficulties, you could become personally liable.

5.5 Keep accurate financial records and prepare proper accounts.

• Unless you set up good systems on day one, this can rapidly turn into a disaster.

5.6 Make sure you meet your tax liabilities.

5.7 Stay on the right side of IT law.

• Establish a software policy.Using unlicensed software can hit your finances and your firm's effectiveness.
• Check how the law applies to doing business on the Internet and by email.