There are two professionals that every business will need from as early on as possible; an accountant, and a good business solicitor. Most new business owners will be fairly sure of their need to hire an accountant; after all, you’ll need somebody experienced to balance the books, help you set up your ‘chart of accounts’, periodically review your numbers, and prepare all of your regular tax returns.
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However, the reasons for hiring a good business lawyer may not be so obvious. But, a good solicitor will be able to provide vital support and assistance in almost every aspect of setting up your business, getting it off the ground, and supporting it in the future. Your solicitor will help you avoid any sticky situations by providing advice on basic copyright and trademarking advice, to helping you deal with any liability issues or lawsuits that may arise in the future.
But, just like many other professionals, good solicitors are becoming increasingly specialised. Choosing the right person to represent your brand is a very important decision which you should never take lightly. So, there are some hugely important factors which you should always take into careful consideration before making a decision. These include:
#1. The Size of Your Business:
Even if your business is barely just starting out, it’s important to consider both its current size and goals for the future when hiring a solicitor. Think about where you want your company to be within the next few years, and bear in mind the strategies that you’re considering taking in order to achieve these goals. It’s important to have a good solicitor by your side if there’s any possibility that you could be dealing with trademark and copyright issues, or working with the general public, where there’s always the risk of being taken to court, for example, if you hire an employee who is injured on the job or a customer has reason to believe that you owe them compensation. Bear in mind that the bigger your company is or plans to be, the bigger your risk.
#2. Understanding Your Business:
It’s important to work with a solicitor who has a good grasp of your business model and is able to understand how your company works. Because of this, it may be a good idea to work with a solicitor who specialises in your area of business, for example, within the retail industry or with construction companies. It’s advisable to interview solicitors beforehand to find out how much they know about your industry and how comfortable they are working within it. Your solicitor will be tasked with preparing standard form legal contracts with clients, customers and suppliers, so it’s vital that they have a strong understanding of what your business area entails. Your solicitor may also help you when putting together your business plan and will need to be able to provide you with clear advice when it comes to deciding which type of company is best. For example, should you trade as a corporation, a Limited Liability Company (LLC), sole proprietorship, or partnership?
#3. Taxes and Licenses:
Whilst you can count on a good accountant to ensure that your taxes are filed every year, you may also need to rely on a good solicitor to help you ensure that everything is fully compliant. This is especially true when it comes to trading licenses; many new entrepreneurs may not be aware that they need a certain license to trade when it comes to particular products or services. Your solicitor will be able to look over your business and quickly point out any areas of non-compliance which could risk trouble for your brand in the future. This applies not only to trading licenses, but also to complying with other important UK laws, such as new data protection and privacy law, the General Data Protection Legislation (GDPR). The last thing that you want is for your business to be shut down over a totally avoidable compliance issue, so have a solicitor cast their eye over your processes on a regular basis.
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#4. Property Ownership and Leasing:
If you plan to trade on the high street as opposed to solely online, you will probably find yourself in a situation where you need to lease or purchase a commercial property. In this situation, it’s almost certain that you will need a specialised solicitor to help you get the business grounds that you need to trade. There are many legal requirements that come with renting a business property, and even more if you plan to purchase one. For example, if you rent or buy an office space, you’ll need to ensure that it is fully compliant with all legal requirements for health and safety. You’ll be responsible for making sure that all electrical and gas equipment is safe for your employees to use, along with providing adequate workplace facilities such as washing and toilet facilities, enough ventilation, lighting and space, and access to drinking water. You can be prosecuted if you don’t follow health and safety rules, so a good national commercial law firm such as hjsolicitors.co.uk can help you with much more than simply signing the lease or finalising the property purchase.
#5. Ownership of Intellectual Property:
Last but not least, if your business operates within the arts, media, or another creative industry, there’s a high chance that you’ll have some issues with intellectual property. Anything that your brand creates, whether it’s music, films, websites, written articles and books, photographs or hand-made craft items can be classed as intellectual property and may need trademark and copyright protection in order to stop others from copying your work. A good solicitor can help you register your products to gain the right type of protection from copycats. Whether you run a small or large business, a specialised law professional can help. Most small or large business law firms will have strong working relationships with intellectual property specialists who can help.
There are several reasons why your business needs a solicitor to ensure that it complies with various regulations and avoids every type of lawsuit. Check out the options available to you and make sure you have a solicitor on hand.