"What to Consider When Selling Your Business"
18th July 2016
When selling your business, the foremost concern is usually getting a fair price for all of the hard work you’ve put into building your company over the years. However, there are also important legal considerations to take into account to ensure a smooth transaction and one that is mutually beneficial to both the buyer and seller.
"Why You Need a Shareholders Agreement"
4th July 2016
For privately owned companies, a shareholders agreement is absolutely essential. Even if you’ve started a business with friends or relatives, this formal legal document sets the ground rules for ownership of the business, including the roles, responsibilities and obligations of each shareholder.
"Why Small Businesses Need Lawyers More than Big Businesses"
20th June 2016
For small business owners, it can be tempting to cut costs by handling all of your own legal affairs, from incorporating your company without legal advice to preparing contracts on your own. On the other hand, big businesses and long-established companies are usually armed with a contingency of lawyers who are consulted on virtually every aspect of the company’s operations. The irony of this is that small businesses actually stand to benefit the most from the knowledge and expertise of a qualified solicitor.
"What to Write on Your Website’s Terms and Conditions Page"
6th June 2016
Today, a well designed and impeccably written website is the expected standard in the business world. However, there’s more to consider than cutting-edge design and engaging copy when launching your business website; there are essential legal elements that must be included in order to protect you, your business interests and your customers, many of which appear in your website’s terms and conditions.
"What to Look Out for When Buying a Retail Pharmacy"
30th May 2016
As retail pharmacies operate under many strict rules and regulations, it’s important to work with solicitors who have specialist knowledge of how the industry works if you are considering purchasing a retail pharmacy. It’s equally essential that you have an understanding of what to look out for right from the outset, as legal regulations will have a major impact on your day-to-day operations and the long-term profitability of the business.
"What to Include in Employment Contracts"
16th May 2016
As soon as an employee begins working for you, there is automatically an employment contract between you, even though it may not yet exist in writing. This is because when your employee begins working, the terms of employment offered have been accepted.
"What Legal Documents Do I Need When Starting a Business?"
2nd May 2016
There are lots of crucial nitty-gritty elements to starting your business, including key legal documents which could help you avoid many pitfalls in the long run, from customer disputes to employee claims and the illegal disclosure of your company’s confidential information.
"What is a Limited Liability Partnership?"
18th April 2016
If you’re going into business with another person, there are important legal and economic aspects to consider before forming a partnership, and some entrepreneurs may even be tempted to forgo the hassle of setting up a formal partnership. However, under the Partnership Act 1890, a general partnership is automatically formed when you carry out business with someone else with a view to making a profit. This means even if you haven’t registered your partnership, you are legally considered general partners, with equal responsibilities for your business’ assets and liabilities. So rather than falling back on the default options of the Partnership Act, consider how registering your company as a limited liability partnership (LLP) may benefit your business.
"What is a Deed of Postponement between Creditors?"
4th April 2016
It’s very common for a company to borrow money from several different creditors for varying reasons and in varying ways. As a result, creditors may be classified as senior or junior creditors, depending on their level of risk. Junior creditors assume a greater risk as junior debt is less secure than senior debt, while senior debts are more secure and take priority over junior debts. Theoretically, senior debt must therefore be paid first if the company becomes insolvent.
"What is a Confidentiality Agreement and Do You Need One?"
21st March 2016
In the UK, confidentiality agreements are often referred to as non-disclosure agreements (NDAs), and they can offer critical protection for businesses and individuals. As such, they are a common feature of the business world, where companies may frequently need to safeguard trade secrets, sensitive information and confidential data when working with third parties, or even with employees who may be privy to confidential company information.
"What Every Partnership Agreement Must Contain"
7th March , 2016
Forming a partnership to start a business is an attractive option for many, particularly if there are low business risks. However, even if you don’t form a company together to begin trading, once you’re in business with another person, that person is legally considered your business partner, and you could wind up being liable for his or her business debts down the road without a formal partnership agreement in place.
"What Are Your Duties as a Company Director?"
22nd February 2016
When the Companies Act 2006 (CA 2006) came into force in the UK, company directors were henceforth legally bound to fulfil certain duties or risk facing severe repercussions, including dismissal or disqualification by court order. Here, we offer an overview of these duties to give a better understanding of your legal responsibilities as a director.
"What Are the Differences Between a Partnership and a Limited Company?"
8th February 2016
Choosing the correct legal status for your company can be challenging, particularly when choosing between a partnership and a limited company. There are various differences between each type of entity and your decision can have far-reaching consequences for you and your business, ranging from tax benefits to your level of personal liability.
"What Are the Benefits of Having a Partnership Agreement?"
25th January 2016
Under UK law, there is no legal requirement to have a written partnership agreement if you’re going into business with another person. The act of carrying out business with someone else actually means you are legally considered partners under the Partnership Act 1890; it also means the default provisions of the Act will automatically apply, and in many cases, these are less than ideal.
"The Difference Between A Warranty And An Indemnity"
11th January 2016
Warranties and indemnities are frequently raised during negotiations over the acquisition of a company. Yet there is often confusion over the differences between them and their ramifications.
"Non-Compete Clauses: Can You Rely on Your Contract?"
28th December 2015
Non-compete or non-competition clauses are now fairly standard in employment and franchise contracts. However, simply having a non-compete clause doesn’t necessarily mean it will be easily enforceable in the event of a breach.
"How TUPE Impacts You if You’re Selling Your Business"
14th December 2015
If your business hires employees, it’s more than likely that they are protected by the Transfer of Undertakings (Protection of Employment) regulations, also known as TUPE. This means that if you’re selling your business, you must act in compliance with TUPE’s provisions. This article offers an overview of TUPE, the businesses it affects, and the steps you need to take if selling your business.
"How to Vary an Employment Contract"
30th November 2015
There are different steps to be taken when changing the terms of an employment contract, depending on whether the changes are being proposed by the employer or the employee, and depending on the nature of the changes.
"How to Dissolve a Partnership"
2nd November 2015
There are countless reasons why you may be considering exiting or dissolving a business partnership. Whatever the reason, the process of doing so can be daunting and legally complex. This article offers an overview of how to dissolve a partnership, and is intended to serve as an informal checklist of the necessary steps to follow before, during and after the dissolution of the partnership.
"How to Dismiss a Company Director"
19th October 2015
Directors bear a great deal of responsibility and are legally bound to work in the best interests of the company. As such, any non-compliance with the company articles, or any breach of duty must be treated with absolute gravity; in certain circumstances, a director’s actions may even lead to the need for dismissal. Here, we look at various procedures for the removal of a director under British law, to give a better understanding of the options available to you, should you be grappling with this difficult and stressful challenge.
"Essential Legal Tips for Every Start-Up Business"
5th October 2015
Launching a start-up is more than coming up with a great business idea, and it can be daunting to tackle all the legal requirements for your new company. That’s why we’re sharing a few key tips for every soon-to-be start-up founder, to set you and your business on the path to long-term success from day one.
21st September 2015
"Buying Share Capital VS Buying Assets"
20th September 2015
Many prospective buyers are often unclear as to the differences and repercussions of a share purchase versus an asset purchase, yet each type of acquisition involves very different procedures and legal requirements.
"7 Legal Facts You Didn’t Know About Buying or Selling a Business"
24th August 2015
Buying or selling a business is a complex process that requires legal skill and expertise. At Carter Bond Solicitors, we understand the intricacies and pitfalls inherent in business acquisitions and sales, so we’ve put together seven legal facts that all prospective buyers and sellers should be aware of when negotiating a deal.
"7 Things to Consider When Lending Money To Friends & Family"
10th August 2015
Lending money to a friend or family member often results in issues like late repayments or accusations of non-payment. Indeed, the high frequency of disputes stemming from informal loan agreements has given rise to many a cautionary saying, like “friends and money don’t mix”. Nonetheless, there may come a time when you are asked to give a loan to a friend or family member, so here are seven key points to consider as the lender, to help you safeguard your interests and those of the borrower.
"6 Clauses Every Business Contract Should Have"
27th July 2015
In British business contracts, the clauses typically found below the operative terms and conditions of the agreement are known as the boiler plate clauses, which set out provisions for specific aspects of the contract.
"5 Things Your Solicitor Can Teach You About Business"
13th July 2015
Although there is a common misconception that lawyers are only needed for drafting complex legal documents and mediating disputes, the reality is that the insight and guidance of solicitors can be more important for your business than you think. The right legal advice can lay the foundation for every aspect of your business’ success, from keeping employees happy to helping you take home a higher net salary.
"5 Things You Probably Didn't Know About Intellectual Property Law"
29th June 2015
Intellectual property (IP) protection is essential for people working across a wide range of industries, from business owners to people working in creative services. With a proper understanding of IP law, you can ensure that your work is thoroughly protected, and you’ll know what steps to take if your IP is ever stolen or used without your permission. That’s why we’ve compiled five things you likely didn’t know about IP law, giving you a better idea of how to safeguard your IP.
"5 Things To Consider When Choosing A Solicitor"
15th June 2015
Choosing a solicitor is not to be done lightly, as your solicitor’s abilities can have far-reaching implications should any legal matters arise, whether in your business affairs or personal life. Misleading advertisements and excessively low rates are just a few of the pitfalls to be wary of when seeking trustworthy legal services; so to help you make the best possible choice for your needs, here are five things to consider before hiring a solicitor.
"4 Things To Look Out For When Buying A Franchise Business"
4th June 2015
Investing in a franchise business can seem like a quick and easy route to success: there’s already an established brand identity and goodwill, so you may think that takes a lot of the leg work and risk out of starting a business. While this may be true to an extent, running any business is difficult, and many franchises are forced to close their doors year after year, so it’s critical that your franchise agreement doesn’t include clauses that could be detrimental to you and your future business dealings.