What trips up the most budding entrepreneurs?
In your expertise, what is the most commonly asked legal question starting entrepreneurs ask? Why do you think they avoid the topic or seem to struggle understanding it?
Katherine Hawes Director of Education and Training at Digital Age Lawyers (formerly New Age Legal Solutions)
From the legal aspect
* failing to set up the structure of their business appropriately, that is not understanding that the debts of a sole trader and partnership are personal debts, not business debts. The only structure that provides protection is a company structure.
* contracts - not having well drafted contracts with clients and customers, that clearly set out the expectations on behalf of both parties.
*insurance - failing to take out insurance to protect the business and their income
*permits - failing to obtain the right permits and licences to operate the business.