Tag Archives: Business

Level the Playing Field: Empowering SMEs Through Strategic Contract Review

Posted on 25/06/2025 by Ben Ironmonger

Prime Minister Sir Keir Starmer has been quoted as saying: “In an era of radical uncertainty we can no longer take peace for granted, which is why my government is investing in our national security” and the UK has pledged to spending a whopping 5% of the UK’s GDP on “national security” by 2035. But what does this mean for UK business? In today’s fast-paced commercial environment, supply agreements and similar contracts are more than just paperwork, they’re the backbone of your business operations. Whether you’re a manufacturer, distributor, or service provider, having a robust and legally sound written contract is essential to mitigate risk, ensure continuity, and maintain strong commercial relationships. At Scott Bailey LLP, our experienced commercial solicitors work with small and medium-sized enterprises who serve as essential cogs in critical supply chains such as defence, particularly involving … Continue reading →

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What to consider when thinking about investors for your SME company

Posted on 01/04/2025 by Ben Ironmonger

Private equity investors can become involved in a company at any stage of its lifecycle. This could be during the early stages as a start-up to raise essential capital, or later on to support planned growth and expansion into new markets. Introducing an investor into your business typically affects the balance of power within the company, as many investors will seek some form of equity return in exchange for their investment. This might involve the allotment or transfer of shares to the investor, which often come with voting rights and/or dividend rights, thereby diluting the existing shareholders’ voting power. Common Mistakes in Private Equity Deals Key Considerations Before Engaging with a Potential Investor Before starting discussions with a potential investor, it is advisable to enter into a confidentiality agreement, or non-disclosure agreement, to protect any commercially sensitive information shared during … Continue reading →

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Why every business partnership needs a written partnership agreement

Posted on 07/02/2025 by Ben Ironmonger

If you run a business as two or more partners, having a written partnership agreement is critical. This legally binding document outlines how your business operates and protects all partners from disputes and unforeseen challenges. But why is it essential, and what should be included to ensure your business is protected? The Importance of a Business Partnership Agreement In today’s ever-evolving world, businesses face increasing pressures, from regulatory changes to resource constraints. A robust written partnership agreement provides the clarity and structure needed to avoid disputes and ensure the smooth running of the business. Without a written partnership agreement, your business may default to being governed by the outdated Partnership Act 1890. This legislation offers only modest protection to modern business partnerships and can expose your business to unnecessary risks. For example: A bespoke partnership agreement mitigates these risks and … Continue reading →

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Top 5 points to consider when procuring AI tools for your SME business

Posted on 16/12/2024 by Ben Ironmonger

Artificial Intelligence (AI) tools are revolutionising the way businesses operate, offering solutions that can streamline processes, enhance customer experiences, and improve efficiency. Whilst the speed at which this is happening can be quite frightening to think about, for small and medium-sized enterprises (SMEs) in England, investing in the right AI tools can provide a competitive edge. Procuring and integrating these tools is not without its challenges and risks, and it’s important to approach the process with a clear understanding of the legal and commercial implications. Here are five top considerations when procuring AI tools for your business: 1. Understand Licensing and Ownership AI tools are typically provided under licensing agreements, rather than outright ownership. It’s crucial to understand the scope of the licence you’re purchasing: Pay particular attention to whether the AI tool allows you to retain ownership of any … Continue reading →

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The benefits of buying an established business

Posted on 11/12/2024 by Ben Ironmonger

By Ben Ironmonger, Head of Company and Commercial, Scott Bailey LLP Buying or selling a business is a significant step that requires careful planning. As a company and commercial solicitor at Scott Bailey LLP, I often work with clients trying to navigate the complexities of these transactions. Ensuring that every important legal aspect is addressed is vital to protecting your interests and securing a successful outcome, and we can certainly help with that. Whether you are looking to expand by acquiring an established business, or preparing to sell the company you have built, there are many factors to consider. Whilst buying an existing business can offer distinct advantages, saving you the time, stress and effort of starting from scratch, there are still plenty pitfalls to avoid. Similarly, selling your business requires careful preparation to help you maximise its value, whilst … Continue reading →

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Selling your business in 2025

Posted on 15/11/2024 by Ben Ironmonger

The 2024 Autumn Budget brought a number of significant changes. As well as the headline issues concerning business owners of increased National Insurance contributions, and increased minimum wage etc, the Labour Government also introduced changes to Business Asset Disposal Relief (formerly known as Entrepreneurs’ Relief) which should be considered carefully by anyone thinking of selling a company. This is as well as the upcoming changes to employment law which are landing in April 2025. It may be that (at least in recent years) there’s never been a better time to get on with selling up… What is Business Asset Disposal Relief? Business Asset Disposal Relief is designed to encourage investment in businesses by offering tax relief on the sale of qualifying assets. Under this scheme, Capital Gains Tax (CGT) is reduced to 10% on qualifying gains, which is considerably lower … Continue reading →

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What is the difference between reasonable endeavours and best endeavours?

Posted on 19/06/2024 by Ben Ironmonger

When entering into a commercial contract, the language used to define obligations can significantly impact the parties’ responsibilities. Terms like “reasonable endeavours,” “all reasonable endeavours,” “best endeavours,” and “best commercial endeavours” are often included to set the standard of effort legally required. Understanding these terms is crucial for ensuring compliance and protecting your interests. Here at Scott Bailey LLP, our company and commercial solicitors in Hampshire are dedicated to providing clear guidance on critical contract terms like these so that you can focus on running your business. Reasonable Endeavours Definition and Standard “Reasonable endeavours” is a term used to indicate that a party must take one or more reasonable courses of action to fulfil an obligation, without sacrificing its own commercial interests significantly. This is a balanced approach, allowing a party to fulfil its duties without going to extreme lengths. … Continue reading →

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Companies House filing fee increases

Posted on 29/04/2024 by Ben Ironmonger

Following a recent announcement, Companies House will be increasing its fees from 1 May 2024. Whilst the increases on the one hand appear significant, they haven’t actually been increased for some years, and hopefully additional funding will help enable Companies House to bolster efficiency, and the transparency and reliability of filed business information, in line with the broader objectives of the Economic Crime and Corporate Transparency Act 2023 (ECCTA). That said, it is important for SME business owners and operators to be aware of the changes and to avoid being caught out. The fee increases extend to various entities, not just limited companies. For example, limited liability partnerships and overseas companies. Some of the key digital filing fee changes include: A full list of the changes can be found here: Changes to Companies House fees. Whether you are an aspiring entrepreneur, … Continue reading →

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The case for choosing employment at a law firm: stability, growth, and community

Posted on 17/04/2024 by Ben Ironmonger

We’ve all seen them, exciting, flashy posts about how brilliant it is working for disruptor firms, on a consultancy “fee share” basis, and how lawyers should abandon ship from the boring traditional law firms, to instead move to the land of milk and honey. I have had dozens of approaches from such firms, their recruiters, and even the lawyers themselves (who often get paid a nice referral fee for each convert) telling me why I should be swapping. It’s a sales pitch like any other. However, I don’t see too many posts about why traditional law firms are still the place to be though… so here’s one. We as solicitors and lawyers have lots of options when it comes to choosing our career paths. From traditional law firms and in-house legal departments, to disruptive newcomers and self-employed consultancy models; the … Continue reading →

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Legal terms every small business owner should know

Posted on 01/02/2024 by Ben Ironmonger

As a small company owner in the UK, navigating the legal landscape can be daunting. Understanding a few key legal terms can really help with ensuring compliance, protecting your business, and making informed decisions. In this blog post, we’ll explore some basic legal terms that every small company owner or director should almost certainly know, providing clarity and guidance to help you navigate the intricacies of UK law. Navigating the legal complexities of running a small company in the UK requires a solid understanding of key legal terms and concepts. By familiarising yourself with the terms outlined in this blog post, you can help to protect your business, comply with legal requirements, and make informed decisions that contribute to your business’s success. Remember to seek professional legal advice when needed and stay updated on changes to UK law that may … Continue reading →

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