The number of people classed as self-employed is on the rise and for many, what was once a pipe-dream is now a reality – running your own business and being your own boss.
Some of the biggest companies in the world started off in spare bedrooms or garages but whilst the end result of success is certainly a motivating factor, you have to start somewhere and these are just some of the considerations you need to make.
Setting Up The Business:
- You need capital
- You may need premises
- You may need staff
- You will need suppliers
- You will need terms and conditions of business on which to trade
- You want to control ownership of assets and IP
Get any of the above wrong and you could lose a fortune now or in the future.
By seeking the services of an experienced law firm that combines business acumen with legal advice, they can help you with a range of service such as:
- Offering advice on the types and range of finance available as well as the security required.
- Regulate decisions made by partners that may impact on the business with a Partnership / Shareholder Agreement.
- Regulate employees with up to date contracts, policies and perhaps an insured scheme.
- Regulate your customers and possibly your suppliers with Terms and Conditions.
- Offer advice on property purchases and leases to avoid major financial claims.
- Prevent claims, losses and loss of business or assets.
- Offer advice on owning assets and IP and have binding agreements and licences in place.
“Without this advice and basic documentation we see businesses failing and owners losing tens of thousands of pounds every week” Peter Lynn, Peter Lynn and Partners.
If you have an idea and want to set up a business, make sure you arrange a meeting with our commercial team by emailing [email protected]