Katie Hughes, Commercial Solicitor with AMD Solicitors looks at your Business needs.
Like everything in life, including life itself, every business will have a life cycle which will take it from creation to end. This will vary from business to business but there are some common elements to every business life cycle.
Cash flow is crucial for new businesses start ups. We recognise this, but in our experience if you are starting up a new business then you should not put off the putting in place of the appropriate legal framework which will help support and protect your business through its early years.
What structure will your business take? The options available are Sole Trader, Partnership, Limited Liability Partnership, or Private Limited Company. Not all of these may be appropriate and all have their own advantages and disadvantages.
Not going it alone? An agreement to set out how the big decisions are to be made, the way in which profits (and losses) will be shared, disputes resolved and what will happen in the event of someone leaving or upon a death, incapacity or insolvency should all be considered.
Taking on premises? You must take care to avoid onerous or expensive obligations.
For a business to thrive and expand, it will inevitably need to change. Change may include varying the business or management structure, franchising your business model, acquiring or merging with competitors and/ or relocating and the outcome of those decisions are often crucial for continued success. At these times we know how important it is for businesses to have not only a legal advisor with the necessary expertise but also one that you can trust.
Reaching the finish! When the time comes for you to retire or for your business to be sold or dissolved, then legal expertise to assist you with planning for this smoothly and efficiently is a must.
AMD Solicitors offer a range of fixed price services for businesses starting up and for your ongoing business needs. Contact a member of the commercial team at www.amdsolicitors.com or telephone 01179621460
Copyright AMD Solicitors 2011
This article is provided for general information purposes only and represents our understanding of the relevant law and practice as at the date of uploading. This article should not be relied upon as legal advice pertaining to any specific factual situation. Legal decisions should be made only after proper consultation with a legal professional of your choosing.Back to Index