Charles Dickens’s famous opening line “it was the best of times, it was the worst of times” may be the perfect description of starting your own business. On one hand, it’s exciting to finally be turning your idea into a real product or service. On the other hand, though, trying to find the answers to all of the legal questions you have can feel like traversing a minefield, when starting a business. Seeking the help of a solicitor to walk you through the different options could be just what you need.
Financial advice
Perhaps your primary incentive for working with a solicitor is to receive financial advice. Financing a new business is never easy, and ensuring that you know the pros and cons of each of your options could be a crucial step in getting your company off the ground.
A solicitor can advice you on whether to accept a lender’s terms, whether mortgaging your home is recommended, as well as any other questions you might have during this difficult and stressful period. You could also benefit from advice regarding the tax implications of differing business models, including the best time to start your financial year.
Intellectual property
If your business deals with copyright, patents, trademarks, or any other kind of intellectual property, having a solicitor on hand could help protect your company in the long-run. Intellectual property is a legal term that refers to the creations of the mind. This could include everything from your brand, name, and image to the inventions that your business is based on.
Intellectual property is a complex subject and having experts in the field on side means that you’ll be able to better understand the risks and rewards of owning your own designs. For instance, securing worldwide protection for a patent is not only a costly procedure, but potentially a very time-consuming one. However, you can then make money from allowing other companies to use your property or even selling it off entirely at a later date.
Regulatory requirements
When moving into a new business, it’s crucial that you fully understand the laws and requirements that govern the market. Product liability, contracting terms, and advertising laws are just some of the specific that those unfamiliar with running their own business can neglect.
Working with a legal professional like Carrs Solicitors can ensure this situation never occurs, and you know all of the pertinent information about each stage of the business before making any hasty decisions.
Bringing your business up to code can be an expensive process. You may even find that the industry is so unlike what you expected, that it no longer makes financial sense to bring your product or service to market. What could seem crushingly disappointing at first, though, could save your livelihood in the long-run.
