Will you be a sole trader, a partnership or a company? If a partnership or a company, it is crucial to have your partnership agreement, or articles of association and shareholders’ agreement, in place before you trade. Even if you choose to defer drafting formal documents or seeking advice, write down the key terms agreed between you and sign them.
Your terms of business will govern your client relationships. These can vary depending upon the nature of your business. Engagement letters, contracts and other documents can be used, but it is important to carefully review them and seek advice before you commence trading.
Jersey’s employment law is being modernised and it is essential to have employment contracts, policies and procedures that comply with law. Decision making should be documented, particularly in difficult times such as disciplinary process and redundancy.
The licenses required by your business will vary. Every business needs consents from the Regulation of Undertakings Department and registrations with other governmental departments, such as the Income Tax, Data Protection and Social Security departments. You may also need to adapt your business to comply with any regulatory and anti-discrimination requirements imposed by any governing body relating to your profession or the law.