Your local Colchester Solicitors, John Fowlers, explains when you need a solicitor’s help when starting a business!
Starting a new business can be one of the most exciting times in someones working life, but seeking professional advice and both legal and financial is essential. It's important to understand what you're getting into and to have an understanding of the legal implications that go along with starting a business.
Before you seek legal advice, there are some steps you need to take before you set up your business. Firstly, have a business concept, name, business plan and completed market research.
Business Structure
Depending on the size and complexity of the business you are looking to start, you may need solicitors to advise you on the business structure you choose and how you register the company. You can visit the government website for more details on the different options. A solicitor will be able to advise you on which legal structure will benefit your business the best.
Business Premises
If you're buying or selling a commercial property, taking over an existing commercial lease or going to be a landlord of work premises, it's advisable to gain legal advice as it can be a complicated process.
Trading Licences
Depending on the industry your business is in, it may require a licence. For example to sell alcoholic drinks you will need a licence. A solicitor will be able to help you identify which licenses you need to comply with and the regulations.
Additionally, a solicitor will be able to help with the insurance for your company. Adequate insurance is vital should something unexpected happen in your business.
Contract Terms and Conditions
It's fundamental to have a contract to have a mutual understanding between a supplier and customer. It outlines your customer's obligations, what the payment terms are (including interest and overdue accounts) and how you're going to get paid. Additionally, our team of specialised solicitors have experience in Non-Compete and Non-Poaching Contractual Restrictions, Staff Handbooks and Policy documentation, giving you the understanding of employment law and various employment rights.