Newsletter #4 Why support is important for young enterpreneurs! Project LT-PL-1R-048

Wrong form of running a business, omitting issues related to contracts and signing them between partners or grouping inappropriate expenditures into operating costs or inadequate VAT rates – these are just a few examples of the most common accounting mistakes made by young entrepreneurs.

In order to limit them, Science & Technology Park in Suwałki has started a Startup support program, based on providing legal and accounting services to increase chances to eliminate these mistakes.

The offered services can be used by participants of the LT-PL CooPlatform project, implemented by Science & Technology Park Poland-East in Suwalki, as well as other entrepreneurs, who declare their willingness to use this form of support.

Meetings with entrepreneurs are held In Suwałki, according to the individual needs identified during the telephone or face to face conversation. Entrepreneurs, who are under the age of 35, can take part in. Provided services include: issues relating to establishing the company, making commercial contracts, running business or tax matters.

Thanks to this offer, Startups will have the opportunity to limit the most common legal and accounting mistakes, such as:

  • Inadequate form of business activity in relation to its size,
  • Omitting the need of entering into a contracts in written form or signing documentation without the legal analysis,
  • No rights and obligations specified in the agreement between the company’s shareholders,
  • Mistakes leading to taking over control of the company by investor,
  • Lack of confidentiality safeguards agreements,
  • Lack of protection of the company’s intellectual property and copyrights,
  • Incomplete or no data protection policy,
  • No legal advice on employment contracts,
  • Lack of flexibility in the long-term contracts in the initial phase of business (e.g. leaving option),
  • Mistakes resulting from unassisted bookkeeping,
  • Incorporating undue expenses into running costs and non-recognizing the included ones,
  • Refraining from using the support of tax advisor and lack of knowledge about the possibilities of submitting for the individual tax interpretations,

Lack of knowledge in regulatory changes.

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