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Many small firms 'have no legal support' |
Many start-up businesses in the UK may be unfamiliar with their commercial law requirements because they lack the necessary legal support.
A new survey from NatWest revealed than as many as 80 per cent of new enterprises that have a turnover of under £100,000 do not have any professional advice on these matters.
It also found that more than six out of ten small firms may be at a disadvantage because they have no accountancy relationships in place, while 35 per cent have no business plan for their growth.
The survey also found that 32 per cent of those surveyed do not have these essential tools because they do not know where to turn to for advice and support.
Entrepreneur and star of the BBC TV show Dragons Den Theo Paphitis commented: "At a time when we need businesses to thrive, too many good businesses risk failure because they struggle to manage the basics early on."
Recently, it was stated by the Clydesdale and Yorkshire Banks that 15 per cent of small firms have difficulty understanding the regulations they are required to follow, which has led to 100,000 companies being fined for breaches of rules.
At KCJ the Company Commercial team is committed to building relationships with growing small businesses and entrepreneurs. Edward O'Rourke, who heads the team, commented: "Today's new businesses may be our key clients in the 2020s and regional law firms should be proactive in supporting their local entrepreneurs.
"Where we can add the most value is in giving bespoke advice about a particular business, its structure, legal entity, contracts and so on. However, we do recognise that some people prefer to opt for fairly general documentation which offers them some protection at minimal cost when they first set up their business so we also now offer a range of online products at www.kcjonline.co.uk "
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