Business start ups

BUSINESS START UPS

Starting up a business can be an extremely daunting task. You may have a wonderful concept for your business and excited about the prospect of putting it into action but it is usually that part of process that can seem prohibitive. There are so many issues to consider and which you may not be aware of. For example, how will it be structured? Will you be a sole trader? Or enter into partnership? Or is a limited company more appropriate for you?

There will need to be other considerations to take into account too. Are you going to work from home in which case, you will need advice on planning regulations that may affect your home? Will you need separate premises to trade from? Do you lease them or buy them? Do you need to make them safe for potential visitors?

Are you going to act solely alone or will you take on employees? If so, you will certainly need advice on employment laws to ensure that you are fully aware of all your obligations.

Then too, there are other issues you may not be aware of. Is your idea unique such that you need to protect it as an Intellectual Property Right? Or could it potentially breach someone else’s IPR? What about your trading name? There are specific requirements under various items of legislation that need complying with.

Then there are your consumers: will you keep information on them necessitating Data Protection Advice? What about consumers rights under the various Sale of Goods legislation items that may affect you?

And importantly, how are you going to fund it all?

The above is just a short list of items that you need to consider before setting up your business. It is a daunting and time consuming task but if you are going to invest your time and money into starting up a new business, it is important to get it right. It is important to ensure that you are full aware of all the relevant laws, regulations and obligations as they will affect you and your business.

We at Samuels have extensive experience in assisting new enterprises and indeed, assisting with the expansion or restructuring of existing businesses. We deal with various business ventures ranging from sole traders to companies of all sizes.

We work with professionals such as accountants and tax advisers to ensure the best possible solutions to the management of your new business. We offer a wide range of advice and assistance in this area of law including:

Trading entity

Company formation

Partnership and shareholder agreements

Employment terms and contract

Property Matters

Company registrations

Intellectual Property Rights advice

For further information and advice please contact one of our dedicated team.

FREQUENTLY ASKED QUESTIONS

If I enter into a partnership, should I have a partnership agreement?

We always advise our Clients to have a formal partnership agreement in place when entering into a new venture. Although the Partnership Act 1890 does set out what are the presumed terms of a partnership in absence of an agreement, those terms are not always reflective of the relationship you envisage with your partner.

For example, the Act presumes that the parties will contribute equally to the business and take equal drawings. Or that if a partner chooses to leave the business, it is an automatic termination of the partnership.

By drawing up a formal Partnership Agreement, you can override those presumptions and set out exactly how you want the partnership to be formed and on what basis it will be run. We can give you advice on drawing up a Partnership Agreement and what issues you will need to consider.

Do I need a shareholders agreement?

It will depend on the circumstances but we do advise them particularly if there is a disproportionate balance between the shareholders and their respective voting rights. A minority shareholder in particular will wish to protect their investment and would want to have an equal say in the running of the company particularly if it is a small one; a majority shareholder will probably wish to ensure that if another shareholder wishes to sell his or her shares, they are not sold to an outside party unfamiliar with the business. We are more than happy to advise parties on the need of a Shareholder Agreement and the type of terms that can be considered.

We have extensive experience in assisting new enterprises and helping with the expansion or restructering of existing business.

We work with other professionals, such as accountants, to ensure the best possible solution to business problems.

We are used to working will all business structures, from sole traders, partnerships (including LLPs) and companies of all sizes.