Are you in business?
Then it is essential that you understand the impact of new legislation so that you can avoid the legal pitfalls, strengthen your business and increase its profitability.
Business Healthchecks
Of course, every business should be up to date with current legislation and have the right legal paperwork in place - but you’d be amazed how few actually do, and the consequences can be disastrous! Please contact us if you would like a review of your business and an initial, no-obligation report that will identify your business’s strengths and weaknesses and suggest simple measures to improve your position. We will maintain strict confidentiality with regard to all information that you supply to us.
Are you in business?
If so, you will already know that, in the face of increasing business and employment legislation, protecting your business has never been more important. Despite this, surveys show that 9 out of 10 businesses in the U.K. do not have the fundamental legal documentation in place and the small to medium business sector is especially at risk.
Why is this? Well, one reason is that smaller businesses are less likely to be able to benefit from specialist guidance. Most general accountancy firms, for example, tend to concentrate on book-keeping and the audit rather than offering wider, strategic advice, whilst the fees charged by more specialist business advisers are often prohibitive. Consequently, the majority of business owners – whether they know it or not – are left seriously exposed. Furthermore, very few have made realistic, and realisable plans for their profitable retirement.
Don’t let this be you! If you are running a business, you should be able to answer the following questions, as appropriate to your own circumstances:
- What would happen if a co-director / partner contracted a critical illness… or died? Might your colleague’s new spouse be your future business partner?;
- Is there a legal agreement covering the transfer / sale of your Company Shares? How would you ensure that your family got a fair price for your stake?;
- What is your exit strategy from your business? What happens when you decide to leave; who will take over?; how will your portion be valued?; can you actually afford to stop working?
