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Tag Archives: Commercial Law
Legal terms every small business owner should know
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
Economic Crime and Corporate Transparency Act 2023
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
Navigating tough economic times: the crucial role of credit control and clear terms and conditions
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
What is the Consumer Rights Act and how does it effect small businesses?
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
Ahoy SeaWork 2023! How Scott Bailey solicitors can help marine businesses chart a course for success
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
What is a shareholders’ agreement and why do I need one?
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
What should you consider when selling a nursery business?
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
What is Independent Legal Advice, and why do I need it?
An individual client is often required to obtain independent legal advice (or “ILA”), from an independent legal adviser, in respect of their transaction documents. Usually, the solicitor, legal executive or licensed conveyancer, will provide a signed certificate stating when and where they provided the impartial advice. If a dispute arises regarding the documentation, the solicitor may be called upon to confirm that independent advice was provided and the correct process was followed. Increasingly, some law firms don’t want to provide independent legal advice to clients, often seeing it as a hinderance, but we are happy to help. Why do I need independent legal advice? If you have ever read through a mortgage document, you will know that the lender has serious powers in terms of what it can do if payments are not received as and when they are due. … Continue reading
Things to consider when taking on a franchise business
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
Posted in Commercial Property, Corporate and Commercial
Tagged Business, business law, Commercial Law
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Should I liquidate my company?
With the UK on the brink of recession and having just emerged from a global pandemic, it’s a tough time for businesses. As the economy struggles, many owners face a difficult question: should I liquidate my company? As an owner of a struggling business, knowing when it’s time to call it quits is extremely hard. You have to weigh up the hopes and dreams you had for your business against your current financial situation. If you’re struggling with this tough choice, we’ve put together a list of questions to help you decide what’s right for you. Guide download: Should I Iiquidate my company? Making big decisions about the future of your business can be extremely hard. The best thing you can do is speak to an expert. At Scott Bailey, we have a wealth of experience helping business owners navigate … Continue reading
Posted in Corporate and Commercial, Insolvency and Restructuring
Tagged Business, Commercial Law
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