LEGAL
Many new businesses are put off by all the legal support they believe they need just to get going. Is there a misconception about what you need to spend ?"
can advise you on which legal structure will best meet your needs, but so can a business or financial adviser. But you definitely need a solicitor for: Helping you with agreements about business premises. No matter what kind of business structure you’ve chosen, it’s advisable to get legal advice from a commercial property solicitor if: Your business is buying or selling commercial property Your business is going to be a landlord or tenant of commercial premises Your business is taking over an existing commercial lease You need help with licences to trade There are as many licences to trade as there are different business ideas. There are, however, many licences that you can apply for yourself, including those for street trading, selling alcohol and operating food premises. You can find a complete list and usually apply online. However, there are some kinds of licences that are very specialist and will require advice from a licensing lawyer. The types of licence you may need legal help with include: air carriers and civil aviation; controlled medical drugs; consumer credit; due diligence on licensing; gambling and betting licences; licensing any intellectual property; and overseas trading, such as importing and exporting. The Cambridge branch of Harper James is located at Cambridge Innovation Park. Find out more at hjsolicitors.co.uk
or local authority. And they must not be the same as or too similar to someone else’s business name, unless you are a sole trader using your own name, or your business is part of the same group as the existing business name. You don’t really need a solicitor to advise on choosing your business name. You can check existing names of trademarks via the Intellectual Property Office and check the Companies House Register for details of business names that are already registered. Do I need a solicitor to advise on business structure and register? Yes and no. Whether or not you will need legal advice on choosing the best legal structure for your business clearly depends very much on the size, complexity and goals of the business you’re setting up. Of course, a solicitor
TALKING HEAD Toby Harper, CEO of Harper James Solicitors, gives his tips for start-up success First, be super organised – have a clear plan of what you want to achieve and when you want to achieve it, bearing in mind the things that you have control of and those that you don’t. This could take the form of a detailed business plan or it could simply be a short list of priorities for your first quarter. It most certainly should include some form of financial forecasting, both for you personally and the business. Think about worst-case scenarios and plan for them, ensuring you can weather early setbacks – because there will be some. Continually measure performance against the plan and be prepared to make changes, but not too soon. Secondly, put in place solid foundations to protect you and the business. This can mean needing to fork out for professional support in the early days, but likewise it could simply mean making well considered decisions and doing some of your own legal and accounting work. Finally and most importantly, enjoy it! In my experience there is nothing else like it – there will be lots of highs and lows. Revel in the highs and celebrate them, because they will get you through the lows.
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ISSUE 05
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