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commercial and business
BUSINESS
We can advise and assist in all aspects of business and commercial law. This area covers business start ups, commercial leases, underleases, agreements, purchases or sales of a business, partnerships and employment.
Should I go into partnership or form a limited company?
In a partnership, each partner is personally responsible for all the liabilities of the business. Personal property, for example your own home, can be at risk. A company's liabilities are limited to the shares issued, and existing assets. Therefore, the individual director's personal property is protected, unless there has been recklessness or fraud or his or her part.
Do I need a lease?
Yes. There could be nothing worse than building up a good business and then being made to leave the premises!
If I have a lease, can I
give it up or pass it on?
It depends on the terms. This is where you need good professional advice from the beginning.
Is it easy to set up a business?
Yes. A partnership agreement can be very simple. Companies can be created simply and cost effectively.
If I sell my business can I keep the premises?
Yes, if you own it and want then to lease it to the new owner of the business.
What happens to the business debts?
It depends on the agreements. Sometimes they are paid by the seller or can be passed on. The same applies to money owed to the business.
Can I run another business in competition?
Probably not. The buyer will obviously want to protect his business and will expect your agreement not to compete within a period of time and within a specified distance of the present location.
EMPLOYMENT
Do I need contracts of employment?
Yes. This is required by law.
Can I impose my own terms in a contract of employment?
Within reason, but there are a number of legal requirements which have to be complied with.
Is there a
minimum wage?
Yes. At present, £4.45 for workers aged between 18 to 21 and £5.35 for those aged 22 and over. These sums will increase on 1 October 2007 to £4.60 and £5.52
What happens if there is a claim for unfair dismissal or redundancy?
Employment law can be complex, especially where dismissals occur. It is essential to have good sound professional advice at an early stage.
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