Setting up a Business

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Together with a friend, I am considering setting up a business hiring out paintball equipment. I’m interested to know what legal issues are involved here? What do we need to pay? Do we need trader’s license, vendor’s license, resale rights from the equipment producers, tax or anything else I have not thought of? If anyone can give me a hand it would be appreciated!

Thanks

 
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Which country do you live in?

 
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UK

 
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Don’t do anything until you have prepared a business plan. Find out in detail what all your costs are likely to be, and I do mean all of them – right down to the paper clips and biros. Know who your clients are, and the projected turnover and profit margin of the business. If you need to borrow money to start, no bank will give you the time of day unless you have prepared this thoroughly.

Licenses are normally handled by your local council, so ask them what you need (in your case probably nothing, but check anyway). Find out from your suppliers if they have any restrictions on resale. Normally, if you buy it, it’s yours to do with as you wish, but I know nothing about paintball equipment.

You will be expected to pay tax on any profits. Go and see an accountant – they will normally give you a free consultation if they regard you as a potential new client. A decent accountant can save you a lot of money.

 
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Sorry,
but methinketh ye already be quite deep in trouble already.
I say this becasue ye appear to lack even the basic skills necessary to run a business…PROFITABLY.
One of these basic skills I’m most pointing at is that ya’re here on Kong SD rather than here or here or here

This is called: doing your homework.
The more of it ya do & the better ya do it….the more likely a start-up business will succeed.
PLUS, and this is the REALLY BIG BIGGIE: C A P I T A L.

Have NOT ONLY enough to get started,,
but plenty to sustain ya until ya get OUT OF “red ink”….
and some to help out when ya dip back into it from time to time.

PLUS, have an “exit strategy”.
DO NOT “put all of your eggs in one basket”.
In other words: don’t bet the WHOLE farm on the venture.

 
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There are alot of things you need to look into, cost etc as mentioned and also Health and Safety and insurance/legal protection for any injuries sustained while using your equipment, and any injuries that could happen on your premises.

 
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Originally posted by dd790:

There are a lot of things you need to look into, cost etc as mentioned and also Health and Safety and insurance/legal protection for any injuries sustained while using your equipment, and any injuries that could happen on your premises.

THAT (in bold) is the point I’m wanting to get across to ya.
What ya might to that is really the best way to go at this is….
talk to someone that in a business similar (or the very same) as the one ya wanna have.
Ask them if ya can’t be some form of apprentice.
Be honest w/ them.
Tell them ya’ll work for very small wage…..< “tuition”,,,,
in exchange for their telling ya all about how a business runs.
I MEAN ALL ABOUT IT.
Do this for a full year…..AT LEAST.
OTJT…(on the job training) is probably the best way to learn,,,
IF, ya have a good teacher.
Good luck.

 
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When you’re starting a business, always keep in mind what type of customers you’ll get.

 
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Your local community college will have a course (more realistically four or five) on the complexities of setting up a small business, and everything you need to take into consideration. If you are unsure of where to start, that will be a few hundred pounds very well spent, as they will teach you all the basics you absolutely need to know.

 
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Originally posted by vikaTae:

Your local community college

He said he’s in the UK.

There are no ‘community colleges’ in the UK.

But yes, this is generally good advice.

 
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We must live in a different UK then Jaume. I’ve completed courses at Telford Community College, mostly during to being bored amittedly. But still. Most towns in the country have community colleges. They specialise in cheap courses in all manner of subjects, and are based as independent education buildings, usually in converted ancient schools, or purpose built buildings in the middle of various housing estates. Typically evening courses for adult learners who don’t wish the cost and hassle of a full NVQ or HNC.

This link will give you some examples. Search it for ‘community college’. There are a few in that list. London has hundreds, and I would be VERY surprised if there is any major town or city in the country without one. Post your town, and I’m sure I can find a community college within 20 miles.

Unless of course you’re living in a different UK to the one that has Scotland, Wales, and England within its borders?

 
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Unless of course you’re living in a different UK to the one that has Scotland, Wales, and England within its borders?

He lives in the one where New Zealand is within its borders.

 
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Most of the replies here are extremely good my two pence would be make sure you have an extrememly tight business plan, capital is a good start or if you are going for a loan make sure it is one you an afford and agian your business plan will reflect this, or when in doubt look for investors