Building a business bottom up

When considering making a purchase of a capital asset for a business, such as industrial machinery or vehicles, cars and vans, it is advisable to take the correct financial advice before committing the company to more debt.

Law and terminology

Laws are constantly changing and it is vital for businesses to keep up to date with everything that is going on. Businesses need to be aware of the law in their dealings with other businesses, in dealing with their employees, in dealing with their customers, when creating contracts, buying property, merging with businesses, hiring and firing, and handling intellectual property.

If you are setting up a new business, or are a business without a lawyer, then it is important that you speak to a commercial solicitor as soon as possible to make sure that you are working within the law, that you are not taking any unnecessary risks and that you are receiving clear and straightforward advice and guidance as to what your business needs to be doing.

 If you are thinking of starting up a new business

Then you should first of all seek financial advice, as there may be various government backed schemes available to you as a start up. You should then speak to experts in employment law for businesses as there are a huge number of employment, business and commercial related laws that you need to get your head around when setting up a new company.

Now is also the time to start getting to grips with some basic company law and terminology (see www.businesslink.gov.uk for an excellent A-Z guide).

The most crucial decision is choosing the right legal structure for your business. As this is such an important decision, it is definitely worth seeking advice from a solicitor or an accountant.