From the setting up of your business to contract drafting and even debt recovery, business solicitors can help minimise the risk that is naturally involved in running a business. Unfortunately, no matter how careful you are over contract drafting and putting agreements in place, however, disputes and problems may still occur and your business solicitor will be able to help try and resolve disputes before they become too costly and expensive.
There are a number of options when it comes to starting a business. You can start from scratch, take over an established business, or buy a franchise from an existing brand. All options have their own benefits and their own potential pitfalls, and you will need to carefully consider these in order to ensure that you make the right choice for you and your needs.
Business solicitors can help in all areas. They can perform due diligence, they can establish contracts with sellers, and they can ensure that the terms of a franchise are not too restrictive or damaging to your organisational requirements. Once the business is up and running, your solicitor can draft employment contracts for your employees, as well as contracts to put in place with suppliers and customers. These contracts help ensure that your business is protected, and that there is less chance for contract dispute later on.
Restructuring a business, which may include buying or selling parts of an organisation, can also be fraught with potential pitfalls. Your solicitor can advise on restructuring, and if you are restructuring in a bid to sell the company, then they can assist in this process too. Although due diligence is often considered a process primarily involved in the purchase of a business, it can also be beneficial to have a solicitor perform diligence when selling.
Managing a business carries risk, and it is down to the owner of that business to manage this risk successfully. Insurance policies can be used to protect against some risk, but your business solicitors can help to reduce risk even further, and they can also assist in the resolution of disputes, and even the recovery of debt.
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Buying a business can be fraught with risk and possible loss, and as well as using the services of a professional accountant, you should ensure that you have suitable legal advice. A solicitor can draw up exclusivity agreements, heads of terms of agreement, and perform legal due diligence. They can also research and advise on the apportionment of purchase price, restrictive covenants, supply contracts, tax concerns, and employment and employee contracts. Essentially, the greatest benefit of using a solicitor to assist when buying a business is in the limit of risk.
There are many stages to selling a business, and a solicitor can help you to achieve many of them. Even before the business is put up for sale, you should consider restructuring. Some elements of your business may reduce its overall value, and if you are not selling up completely, there may be some elements that you wish to keep and not to transfer to new owners. It is important that the business is structured properly before potential buyers are sought, because this will help ensure that buyers are genuinely interested in what you are offering.
Debt is a fact of business life for many organisations, and while some degree of short term debt may be expected, serious problems can arise where debt is allowed to mount and where appropriate action is not taken quickly enough. Commercial debt recovery solicitors can work according to contracts and invoices that you have supplied, attempt to chase debt without taking legal action, but they can also take customers to court for non-payment of debts.
Managing a business typically requires a host of different contracts be negotiated and put in place with suppliers, customers, employers, and business partners. Contracts are not only a fact of business life, but they are meant to protect you and the stakeholders in your organisation. Ensuring that contracts are accurately drawn up, properly agreed, and legally binding is important, but no matter how diligent your efforts, disputes can still arise. If this happens, then a business solicitor will be the person that you should call on to help resolve the dispute as quickly and inexpensively as possible.
All employees in your organisation will have a contract of employment, even if there is no written contract. By implementing a written contract it means that you are able to control the terms of employment, and that you have a legally binding document to fall back on in the event of disputes. A contract of employment will also set your employees’ minds at rest, because they will feel protected.
Setting up a business is an exciting time, but if it is not done properly, you can face serious ramifications further down the road. Using a business solicitor from the outset means that they will be able to identify any potential future problems and prevent those problems from becoming a reality. They can advise you on the purchase of an existing business, setting a business up from scratch, or on the restructuring and reorganisation of an existing business.
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No matter what your legal problem or at what stage it is, there is never a better time to call Haworth & Lees Solicitors than right now.
Our team of dedicated and highly professional Solicitors are always available for you. You will not have to deal with a paralegal or a legal case worker as your point of contact will be with a qualified and experienced Solicitor who will know the details and progress of your case.
Haworth & Lees Solicitors are a well established and highly respected firm of Solicitors in Tameside and Cheshire and offer that personal and local service that is always appreciated by our clients.
Getting in contact with Haworth & Lees could not be simpler. You can call on 0161 660 2923 or click here to send a confidential email.
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