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Business Start-Up

As a start up business, it is likely you will have had to consider a range of commercial issues in getting the business off the ground, such as securing premises, arranging finance, acquiring equipment and producing marketing. However, while most start up businesses will have had to have instructed a solicitor at some point, for example in relation to acquiring premises if these are bought rather than leased, it can be beneficial to appreciate the value a commercial lawyer can bring to setting up your business to avoid further costs later on. This might include advising on intellectual property in relation to marketing, or health and safety legislation in relation to certain equipment, for example.

A solicitor can be used to help you create your business, depending on the type of ownership you require, and they should be able to discuss the different options available. A limited company (with the company designation 'Ltd'), for example, restricts the owner's personal financial liability to their investment put into the business - allowing the business to fail without the owners becoming bankrupt. However, there are certain issues to be aware of even with this type of ownership, as owners can still be liable for certain business activity such as fraud. In addition, banks will often require personal guarantees for business loans, which can effectively circumvent the limited liability protection. Some types of business are required to be established as partnerships, which can now also have limited liability. An experienced solicitor will be able to advise on the different options for a start-up business, and the obligations involved.

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