A New Year, a New You, a New Business?
Starting a new business venture is an exciting time, however it is important to understand the legal matters that are likely to affect your new business from the outset. Obtaining legal advice at the start of your business journey means your business will start off on the right track and will hopefully avoid legal pitfalls and problems arising in the future.
The legal risks of starting a new business
Whilst many business start ups decide to put off obtaining legal advice from the outset, as they believe either the costs involved are too expensive, or such advice is not a priority at that stage, failing to do so may result in the following difficulties arising:
failing to understand the business structure which best suits your requirements;
if going into business with someone else, failing to enter into appropriate legal agreements with business partners setting out how you intend the business to be run, for example a shareholders’ agreement or partnership agreement;
not having the right contracts in place for the goods and/or services you intend to supply to best protect your position (so far as is permitted by law), including not having an understanding of the law that will govern such contracts; and
failing to consider any other legal matters that may affect your business which you have not considered before, for example data protection compliance if your business will process and/or maintain personal data.
Legal Services offered by Glanvilles to Business Start Ups and Entrepreneurs
At Glanvilles we look forward to assisting new business ventures and entrepreneurs in the local area, with the aim to develop long-lasting and continuing relationships with our clients to ensure that we can assist you and your business throughout its growth, and then eventually assist with your exit from the business when the time is right.
From the outset we can provide the following services to new business ventures and entrepreneurs:
general consultation meetings to discuss face-to-face those legal matters that are likely to affect your new business;
advice on the structure of your business, including whether your best option is to operate the business as a sole trader or a private limited company (if acting on your own), or a Limited Liability Partnership (LLP) or general partnership (if you are going into business with some else);
drafting key legal contracts and agreements for your business, including terms and conditions of business, employment contracts and consultancy agreements;
advice on providing personal guarantees to banks or other lenders if borrowing is required and you are operating the business through a separate corporate entity;
reviewing and advising on contracts you have received from prospective suppliers and/or clients;
advice regarding protecting your ideas and intellectual property, including registering trade marks;
advice on data protection compliance;
advice regarding the engagement of consultants and employees; and
advice on regulatory compliance, to ensure your business has the required licences to operate in a particular market.
If you have a new business idea or are an entrepreneur and would like our assistance with any of the above matters, please do not hesitate to contact Scott Richardson by phone on 01329 227907 or by email on [email protected].