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Getting business start-up advice |
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01 December 2010 |
Many people starting their own business for the first time find it hard to know whether or not they should speak to a lawyer.
The reality is that you do.
Many people starting their own business for the first time find it hard to know whether or not they should speak to a lawyer.
The reality is that you do. For example, if you choose to set up as a partnership, you need to draw up a Deed of Partnership with a solicitor to set out its terms and conditions.
There is no such requirement for a limited company. This does involve creating a new legal entity, however, which can be complex. Company documents, such as the Memorandum of Association (describing the company's purpose and activities) and the Articles of Association (detailing the rights of shareholders, powers of directors and how the company will be run) also need to be created, making legal advice a wise option for many.
Even setting up as a sole trader, the simplest task of all, can expose you to complications. Do you require a trading licence? Does you business comply with local authority regulations? Are your premises (including your home) suitable for your business?
Consulting a solicitor under such circumstances need not be expensive and can save you much in terms of stress and cost at a later date.
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