Start-Up/Small Business Advice
BUSINESS START UP SOLICITORS SHEFFIELD & SMALL BUSINESS LAWYERS SHEFFIELD
Sheffield solicitors know that starting a business is an exciting but daunting task. It is essential therefore that your business starts off on the right footing. We can offer you guidance from the conception of your business idea to when the company is up and making profits. We establish with small business clients what their long term objectives are and advise accordingly how best to achieve those aims.
We also fully appreciate that small business clients have to constantly monitor the cost/benefit of taking legal advice when trying to grow a business by increasing revenues and minimising costs. In short, our services and charges must represent value for money and important and sound small business advice.
Legal structures
Sheffield solicitors advise on the best legal structure through which to trade and run through advantages and disadvantages in the context of what your long-term aims are. There are 3 main business structures to choose from :-
- sole trader
- limited company
- partnership.
We will also look at the type of business you wish to set up and consider whether there any other legal matters that may arise you need to be aware of; for example trading licences and specialised terms and conditions of business.
Hidden risks
Health and safety considerations must be taken into account as you will have a duty of care for anyone that visits your business premises or is employed by you. You may need to carry out risk assessments.
If like many businesses, you decide to take on staff, taking out employers’ liability insurance is a legal requirement. If this is not taken out you risk being exposed to compensation claims from employees who suffer injuries as well as risk being fined for every day you remain uninsured. You will also need to make sure you comply with the numerous and complex employment laws.
Another consideration is whether you need to be VAT registered.If your businesses’ annual turnover exceeds £68,000 then you will be expected to become VAT registered. There will be severe penalties for those who fail to do so in time. Even if your turnover is less than this you may still want to register for VAT. Sheffield Solicitors will be able to inform you of the advantages and disadvantages of doing so.
Experience and advice
Our specialists lawyers in Sheffield have extensive experience in helping start up and small business. Taking professional advice from the moment you start trading will help you plan your business venture better and will minimize commercial and legal risks. Our experienced business law solicitors and start up lawyers can advise on the following areas of law:
- Initial legal start up advice
- Setting up a limited company
- Preparing shareholder agreements
- Preparing partnership agreements
- Drafting terms & conditions of trading
- Advising on Employment issues