YOUR BUSINESS SPRING 2019 - 86

the price for years to come. Start-ups
can involve significant amounts of
paperwork, much of which requires
professional expertise. A solicitor
with experience dealing with startup businesses is also likely to bring
useful knowledge to the table.
Once engaged, your solicitor will
also go through a detailed checklist
to make sure you're legally prepared
in all areas. The questions they ask
may throw up a few challenges you
hadn't considered, so open up the
full extent of your business plan to
their scrutiny. Your relationship is
protected - client confidentiality is
enshrined in law - so you've nothing
to fear by being completely honest.

Just because
a website
domain name
is available, it
doesn't mean
the company
name is too

Research is key

The legal profession has a notorious
reputation for high fees, which
isn't wholly undeserved, but many
legal firms will do everything
they can to offer you the best
service - and value - possible.
If your budget is limited, try to
do as much of the work yourself
as is feasible but don't avoid legal
advice entirely - it could mean the
difference between success and
failure. Indeed, it could keep you out
of the bankruptcy court - and even
prison - in the event of disaster.
Find a solicitor with experience
in setting up successful businesses
to ensure you get the most from
your legal eagle at this stage.

Setting up

One of the first things your solicitor
will consider is the structure of your

business. Will you be operating as
a sole trader or do you need to set
up a company? Should you go into
partnership with others and, if so,
how will ownership be apportioned?
If you're setting up a company, will
it be a partnership, a limited company
or a limited liability partnership? Your
solicitor will draw up the paperwork,
complying with all regulations for
the structure you decide upon.

Learn the rules

While you are ultimately responsible
for abiding by all the rules and
regulations, you first need to know
what those responsibilities are.
Your solicitor will inform you of
the rules and keep you appraised of
any changes to them, helping you
comply with the relevant legislation.

When you run a business selling
products and/or services, you take on
legal responsibilities around safety
and quality, as well as subjecting
yourself to contract law, so legal
advice in these areas are essential.
Your legal expert can also keep
you up to speed on your rights as a
purchaser of goods and services, give
independent advice on insurance
obligations and policies and help
you get any necessary permits or
licences in the UK and/or overseas.

More than a name

If your business involves designs,
content or brands, you'll require
legal advice on how best to protect
this intellectual property (IP) and
how to check that you're not in
contravention of anyone else's.
Of particular importance is
your company's trading name.
Just because a website domain
name is available it doesn't mean
the company name is too. Before
opting for JoeBloggsTrading.com,
ask your solicitor to check that
Joe Bloggs Trading isn't already
protected for another business.

Property matters

Business premises open up a whole
new legal minefield. Not only is there
legislation about what can and cannot
be done on certain premises, there's
also an array of health and safety
regulations. Plus there's the potential
for issues over your contract with your
landlord or planning authorities.
Your lawyer will ensure you're
au fait with your legal obligations

Laying down the law

SMEs need legal advice so important decisions are cost-effective, says Tracey Dickens from solicitors Birkett Long
Whether you're an
international enterprise,
established local
business or start-up,
a lawyer helps by:
* Ensuring the risk and
responsibilities involved
in running a business are

understood, particularly
if you employ people
or are a director.
* Explaining business
structures and how
they can best work.
* Avoiding contractual
pitfalls with suppliers.

A lawyer will also advise
on the implications of
providing security for
debt, the consequences of
giving up some elements of
control and structures and
documentation associated
with investor arrangements.

When we work with SME
owners and directors, we
ensure they fully understand
the risks and benefits of
transactions. Our aim is to
help a business achieve its
objectives and maximise
its financial success.

http://www.JoeBloggsTrading.com http://www.JoeBloggsTrading.com

YOUR BUSINESS SPRING 2019

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