Start-Up/Small Business Advice
BUSINESS START UP SOLICITORS EALING & SMALL BUSINESS LAWYERS EALING
Starting or running your own business can be immensely exciting and satisfying. We are constantly being told that the country needs small entrepreneurs and we fully support this view.
However, regardless of the size of your business or its type, it is vital that you are legally compliant otherwise your fledgling business could be at considerably risk.
Starting a business
When starting a business, it is important to consider it’s structure. Will you go it alone? Do you want to form a company? These are essential considerations. Let’s look at the advantages and disadvantages of different types of organisation.
Sole trader
Advantages – very easy to set up, no formal legal requirements and no
Disadvantages – depending on the nature of the business, this could prove to be a very risky option as you will be personally liable for any losses the business makes.
Partnership
Advantages – again, very easy to set up as there are no formal legal requirements. Allows you to pool knowledge and resources with other partners. Risk is pooled between partners.
Disadvantages – partners are personally liable for losses, albeit jointly.
Limited company
Advantages – potentially the safest option as you will not be personally liable for losses, so long as the company is not run ‘recklessly’.
Disadvantages – tricky and expensive to set up. Accurate accounts have to be kept so financial information can be made available at Companies House.
In any case, we will fully advise you on your options relevant to the nature of your business and commercial options. In addition, we can help you draft custom partnership and shareholder agreements, so you can be sure that your business works in the way you want it to.
Existing businesses
We provide a full-range of services tailored to small existing businesses and would be happy to provide advice regarding:
- Litigation – including representation at hearings, Alternate Dispute Resolution (ADR) methods
- Trading terms and conditions
- Business contracts and ventures
- Employment law – recruitment procedures, employment law compliance, policies
- Agency law – agency agreements, EC law compliance
- Intellectual property – unregistered and registered trademarks, patents, design rights, confidentiality agreements
- Preparing a business for sale
- Purchasing a business
For personalised advice suitable to the needs of your business, get in touch with our small business team to find out what we can do to help.