What a Solicitor Can Do For Your Small Business
Whether you’re going into business for the first time or facing a particular problem months or years in, legal advice is always necessary, whether it’s from a traditional law firm or from the newer breed of online solicitors. Good legal advice can repay itself many times over, by insulating you against unforeseen costs and law suits far above the cost of the advice itself.
Setting Up a Business
In the initial stages of business planning, having a solicitor available will ensure your business is structured appropriately and the correct documentation is submitted. A solicitor can help you submit your Articles of Association, and will explain the implications of different company set ups requiring shareholder’s agreements, partnership agreements and make sure all of these are drafted to protect your interest in the company.
A solicitor can also run through your finance and tax situation with you, to ensure you are not surprised when your tax bill comes through and left with a shortfall. When seeking finance, a business solicitor can explain the different forms available, and the risks and advantages of picking each one.
Whether you opt for finance from a traditional bank, manage to attract a much sought after Angel Investor, or take to crowdfunding your solicitor will make sure contracts are written to make the rights of responsibilities of all parties clear, so you can know precisely the details of the agreement you’ve entered into and won’t have any nasty surprises later on.
Running a Business
As long as you’ve been conscientious and taken advice when setting up your business, it’s unlikely you’ll need the services of a solicitor in its day to day running. Flashpoints and issues may arise, however that will require legal guidance, and once again a business solicitor is a helpful contact to have.
Employment law changes regularly, and it’s worth taking advice whether you are hiring or forced to make redundancies. A solicitor can review your contracts to ensure they’re up to date, compliant with the law, and crucially that you are signing agreements for the services you require and the time you need them for.
If you’re having to make redundancies, a solicitor can guide you through that process and ensure it’s as problem free as possible, both for you and the employees you may have to let go.