It is advisable to seek legal advice when setting up your own business

It is advisable to seek legal advice on the following points when considering setting up your own business:

  • Company structure – whether to trade as self-employed, a partnership or a limited company, and to make sure the proper legal agreements are drawn up.
  • Business premises – negotiating and making sure you understand the terms of your lease.
  • Dealing with regulations – many new regulations are specific to particular sectors. You need to be aware if they apply to you.
  • Contract terms and service levels – you should be sure of your legal responsibilities to customers and suppliers.
  • Protecting your business ideas and confirming ownership – making sure any intellectual property rights to your product or service are protected and that you’re not infringing the rights of other businesses.
  • Finance – the legal implications of raising finance and agreeing terms with the lender.
  • Debt control – protecting you against bad debts and advice on debt collecting.
  • Franchising – anyone going into franchising needs to check all the small print with a specialist lawyer.
  • Employment law matters.

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