Your Business Magazine 2022 - 129

Legal matters
I
t may seem obvious that when starting a business, you
must comply with the law. However, there are many legal
aspects to running a company, and you are unlikely to be
an expert on, or even be aware of, some of them. Waiting
until legal issues arise and then hiring a solicitor to deal
with them is likely to cost you more in the long run, and
in some cases may be catastrophic for your business. It's much
smarter to get expert advice at the outset, and ensure you're
doing everything correctly and legally from the start.
Getting a startup off the ground often requires professional
expertise. A solicitor, particularly one with experience of dealing
with new businesses, will be extremely helpful - even essential.
Not only will they help you avoid legal problems, but they'll
also bring a wealth of knowledge to your company.
Skimp now, pay later
One thing that may discourage you from engaging a solicitor is
cost. The legal profession has a (not completely undeserved)
reputation for high fees, but in general, legal firms will do what
they can to offer you the best service and value possible.
If your budget is limited, do as much of the work yourself as
you can, but having a professional to at least double-check the
most crucial parts could mean the difference between success
and failure. Indeed, it could keep you out of court 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.
Set your structure
One of the first things a solicitor will consider is the structure of
your business. Will you operate as a sole trader or a company?
Should you go into partnership with others and, if so, how will
ownership be apportioned? If you set up a company, will it be a
partnership, a limited company or a limited liability partnership?
If you're not sure of the difference between them, or which
would best suit your situation, that's a good sign that you need
a solicitor. They will help you make the decision and draw up
the paperwork to ensure you comply with all regulations for
whichever structure you decide on.
Rules and responsibilities
You are responsible for abiding by all rules and regulations, so
the first order of business is to know what those responsibilities
are. Your solicitor will inform you and keep you apprised of any
changes to them, helping you stay in line with relevant legislation.
If your business sells products and/or provides services,
you'll be taking on legal responsibilities concerning safety and
quality, as well as subjecting yourself to contract law, so getting
" Waiting until legal
issues arise and then
hiring a solicitor is
likely to cost more "
legal advice to ensure you are staying within the law
is essential. Your lawyer can also keep you up to
speed on your rights as a purchaser of goods and
services, give advice on insurance obligations and
policies, and help you get permits or licences.
Not just a name
If your business involves designs, content or brands,
you'll require legal advice on how best to protect
your intellectual property (IP), and how to check
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. For instance, if you want to buy the URL
joebloggstrading.com, a solicitor will be able to
check that the name Joe Bloggs Trading isn't already
owned by another business.
Bricks and mortar
Legislation governs what can and cannot be done on
certain premises, and even when you're past that,
there's an array of health and safety regulations to
Legal advice on demand
Understanding contracts is key for business
owners, explains Suraj Rana, independent
legal expert at Sole Legal Services
" The intricacies of contracts are frequently
misunderstood in business. Some people feel
that lawyers like to get in the way, but we work
from a very different playbook than other areas,
such as sales teams. Some businesses feel that
the lawyer is telling them what to do; however,
they're only raising any potential issues. It's still
up to the operations and business arm to decide.
" Our greatest advantage at Sole Legal
Services is that we are business owners and
lawyers. We have developed our own business
from ground zero, like our clients. They feel
comfortable telling us exactly what they need.
Clients have questions every week or every
month, and don't want to be finding a lawyer,
going through the instruction process and
booking a time slot every time.
" Our clients pay monthly or annually, and
can pick up the phone to speak to us. They feel
safe, secure and confident. They know if there
is a question today, it will be answered within
a reasonable amount of time. Our clients are
fast-paced businesses and need swift responses.
It's your own legal team without the costs and
implications involved. "
129
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Your Business Magazine 2022

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