Tag Archives: Business

Economic Crime and Corporate Transparency Act 2023

Posted on 09/01/2024 by Ben Ironmonger

The Economic Crime and Corporate Transparency Act 2023 (ECCTA) received Royal Assent on 26 October 2023, marking another significant milestone in the UK’s legislative landscape. The new legislation makes various changes to the Companies Act 2006, and aims to strengthen the UK’s defences against economic crime and enhance transparency in corporate governance. In this blog post, Ben Ironmonger, Company and Commercial Solicitor and Partner at Scott Bailey LLP, introduces some of the key implications of the ECCTA and its impact on businesses. Companies House Reforms A large element of the ECCTA is the reform of Companies House. The ECCTA empowers the Registrar of Companies with enhanced investigative and enforcement powers. This move is intended to bolster the reliability and accuracy of the company register, serving as a deterrent to illicit activities. However, the successful implementation of these reforms hinges on … Continue reading →

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Navigating tough economic times: the crucial role of credit control and clear terms and conditions

Posted on 31/10/2023 by Ben Ironmonger

In the ever-evolving world of business, particularly for SMEs, economic uncertainties pose substantial challenges. To help you steer your business through these trying times, our Hampshire commercial solicitors explore the importance of strengthening your credit control and establishing properly drafted, enforceable terms and conditions. Why Credit Control Matters 1. Sustaining Financial Stability: Mot businesses need a steady cash flow. During economic uncertainties, timely payments from clients are even more vital. Effective credit control practices can keep your financial foundation strong and resilient. 2. Risk Management: In business, risks are inevitable. Proper credit control mitigates the risk of bad debt by assessing potential clients and setting credit limits. This approach not only safeguards your finances but also equips you with the knowledge to make informed decisions. 3. Strengthening Client Relations: Surprisingly, solid credit control can improve client relationships. Clear communication about … Continue reading →

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What is the Consumer Rights Act and how does it effect small businesses?

Posted on 13/09/2023 by Ben Ironmonger

Introduction In the United Kingdom, whatever consumer facing business you operate, understanding consumer protection laws is crucial. These laws are in place to safeguard consumers (your customers) when they engage with your business. In this blog post, we’ll have a look at some of the key aspects of the Consumer Rights Act (2015) and how it impacts your small business. Consumer Rights Act Overview The Consumer Rights Act (2015) serves as a unifying force in regulating the supply of goods, services, and digital content in business-to-consumer (B2C) transactions. Its primary objective is to shield consumers from subpar products, unfair business practices, and unfavourable contract terms related to transactions, repairs, refunds, and deliveries. For legal purposes, a “consumer” is defined as an individual acting outside their trade, business, craft, or profession. In addition to the Consumer Rights Act, the Consumer Protection … Continue reading →

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What is a Share Purchase Agreement?

Posted on 02/08/2023 by Ben Ironmonger

If you are contemplating the sale or purchase of shares in a private limited company, our experienced corporate lawyers are here to help. Whilst this is no substitute for tailored legal advice, hopefully it should provide a brief overview of some of the key clauses in a standard share purchase agreement (or “SPA”). What is an SPA? The SPA is a vital document that sets out the terms of the agreement between the buyer and the seller for the acquisition of shares in the private limited company, commonly known as the “target company”. The SPA encompasses vital particulars, such as the purchase price, the shares being purchased, warranties, and the conditions for completing the transaction. Navigating the Completion Process Completion marks the culmination of the transaction, heralding the buyer’s official ownership of the shares. Completion can either take place following … Continue reading →

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Selling your dental practice? How to prepare for a smooth and successful sale

Posted on 28/07/2023 by Ben Ironmonger

Are you a dental practice owner looking to embark on a new chapter in your life? Whether you’re planning to retire or explore new opportunities, selling your dental practice is a significant decision. As a leading English law firm experienced in dental practice sales, we understand that the process can be overwhelming. However, with the right preparation and guidance, you can make the sale easier on yourself and ensure a successful transaction. In this blog, we’ll walk you through essential steps to prepare for the sale, ensuring a smooth and seamless experience for you as the seller. 1. Early Planning is Key: Selling a dental practice is not a decision that should be rushed. The earlier you start planning, the better. Ideally, begin the planning process at least one to two years before you intend to sell. This will give … Continue reading →

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Ahoy SeaWork 2023! How Scott Bailey solicitors can help marine businesses chart a course for success

Posted on 08/06/2023 by Ben Ironmonger

We don’t sing about the work we do with local marine businesses and boat owners very often, but with SeaWork 2023 just around the corner, and the maritime industry being abuzz with anticipation, this seems like a good time. SeaWork is a renowned international exhibition, offering marine businesses an opportunity to showcase their products and services, make valuable connections and drive growth. However, amidst the excitement, as with any business, it’s crucial to recognize the legal challenges that can arise from doing business. Expert business solicitors like the team at Scott Bailey help steer marine businesses through the treacherous legal waters, ensuring their voyage to growth and success remains smooth and trouble-free. SeaWork is not just an event; it’s a platform for SME businesses to make a splash in the maritime industry. However, what do you do when you have … Continue reading →

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What is a shareholders’ agreement and why do I need one?

Posted on 18/04/2023 by Ben Ironmonger

If you’re a business owner, you know that there are a lot of moving parts to keep track of. One of the most important aspects of running a successful company is having a properly drafted shareholders’ agreement in place. At Scott Bailey LLP, we understand the importance and complexities of legal documents like shareholders’ agreements, and our commercial law lawyers are here to help you draft an agreement that protects your interests, as a shareholder and / or director, and ensures the smooth running of your business. Why you need a shareholders’ agreement A shareholders’ agreement is a legally binding document that outlines the rights and responsibilities of shareholders in a company. It covers a wide range of issues, including how decisions are made, how profits are distributed, and what happens if a shareholder wants to sell their shares. Having … Continue reading →

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What should you consider when selling a nursery business?

Posted on 05/04/2023 by Ben Ironmonger

Are you thinking about selling your day nursery? If so, you may well have lots of questions about the process and what’s involved. Read on for a summary of some of the key steps you’ll need to take to sell your nursery business successfully. Step 1: What are heads of terms? Often, the first step in the sale process for most businesses is agreeing the heads of terms. These outline the key details of the transaction, such as the price, payment structure, and proposed timeframe. You’ll need to review and agree to these terms before moving forward. Some heads are intended to be binding, whilst others are more guidelines to keep everyone on track. Our experienced company and commercial solicitors in Hampshire can help prepare or review and negotiate these to help right from day one of the transaction. Step … Continue reading →

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Associate dentist contracts must be reviewed before April 2023

Posted on 23/03/2023 by Ben Ironmonger

Historically, it has generally been accepted that associate dentists are virtually always self-employed. However, HMRC have withdrawn their guidance on associate dentists’ self-employment status, making it more important than ever to ensure that the correct associate dentist contract is in place and that the reality reflects the contract. From April 2023, each dental associate’s tax status will be considered on a case-by-case basis. Factors that will be considered centre around control, but include whether the associate can exercise sufficient clinical freedoms, whether they have to do all the work themselves or can engage hygienists, therapists or locums as appropriate, and how much freedom they have to choose their own hours worked. HMRC have confirmed that they will not be using the withdrawal of the guidance as a reason to open retrospective enquiries into periods prior to 6 April 2023, and … Continue reading →

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Things to consider when taking on a franchise business

Posted on 23/02/2023 by Ben Ironmonger

Franchises can provide great opportunities to own your own business, with the benefit of support and guidance being provided by an established brand. In this note, Ben Ironmonger takes a look at some of the key points you should consider before making the decision to invest in a franchise. If you are considering taking on a franchise, the commercial team at Scott Bailey LLP can help. Our commercial lawyers in Hampshire, can review your proposed franchise agreement and advise you of the pros and cons, as well as being able to negotiate with the franchisor on your behalf should you wish. Our business solicitors offer fixed fees for contract reviews so that you have the benefit of knowing the extent of your fees before we put pen to paper. Should your franchise require offices, shops, warehouses or other premises, our … Continue reading →

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