Monday, 7 August 2017

Business Law....Duties and obligations

Are you looking to set up a new business, buy or sell a business? The law puts a tremendous amount of responsibilities upon Business owners and employers.

Starting in business can be an exciting time. You can’t wait to put your ideas into action and a lot of hard work. However, there are a range of Business Law issues you must take into account:
Will you be employing staff to help run the business?
Will you have contracts will your customers or clients?
How will you deal with leases, insurance, debt recovery?
Do you have finance in place?
What tax implications are there in your business?
Do you understand the fair trading regulations?

Before you commit to a lease, employ people or start  work for clients, you need to be sure that you are not putting yourself in legal jeopardy or risking criminal or financial penalties.

Running your business may involve a range of Business Law issues:
Guarantees and security documents;
Confidentiality agreements;
Copyright and intellectual property law;
Partnership and shareholder disputes;
Customer disputes;
Supplier and contractor agreements;
Terms and conditions of trade;
Bankruptcy and Insolvency;
Work Health and Safety requirements.

Selling your business has a range of issues you need to think through before signing a contract. In particular, the negotiation for the sale of the business. Many factors come into play when deciding on a sale price for your business. Issues that arise include whether GST is applicable in the sale price and liabilities, responsibility for employees, and trading restrictions that may apply.....just to name a few.
Rushing the sale of a business may devalue your life’s work.

If you have questions on Business Law or anything else, please contact any of our Solicitors at Matthews Williams.

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