Guide to - Business start up advice

Whatever trade, profession or business a client is in, the lure of being one’s own boss is likely to be lurking around somewhere. Very few kinds of business are free from legal considerations. A client needs to think about these issues:

Are you going to run the business in your own name, a partnership or a limited company?

There are significant tax and liability implications in this. For example, if the limited company gets into a legal dispute or owes money, you as an individual have no liability at all. If you are in a partnership and your partner misbehaves, you may share liability with him or her. And if the business folds, running it in your own name may put your house or property at risk.

Where will the business be located?

If you need premises to operate from, then there are questions about leasing or purchase, its suitability to your business, finance and the costs of maintaining the building. You should have in place robust contracts for customers, suppliers, employees. If you do require to raise finance to start up , or indeed expand your business , then there are questions of securities on your house or other property, personal loans and guarantees, contributions of investment by partners. And there is much, much more, every business is as different as every client is, and getting legal advice will ensure your company is set up safely, and allow you to have a solicitor available when needed, who already knows your business and its constitution.