No matter how dedicated you are to your business, incidents can happen involving the law that you’re not prepared for, which can damage you and your company. Small businesses can be faced with a wide range of legal issues, from action taken by staff to ongoing lease issues about premises. This is where legal protection can help.
So what different ways can legal protection in the form of a solicitor help your company? We explain the key business benefits that are important to remember.
There are many reasons why you might need to protect your business. This can involve your staff, premises, goods, customers, competitors and even your ideas. Legal protection, including support from a solicitor, can help by giving you:
Many areas of business are covered by laws, from those concerning your customers to your staff, your property to your products, as well as those of your specific business sector. There is a lot think about and laws can come into force, change and develop. A solicitor can provide insight and expertise across your area of business and help you make important decisions in taking your company forward.
A main benefit of legal protection for your business is cost. For instance, the average of cost of an employer to defend themselves at an employment tribunal is £8500. A solicitor can make sure you have contracts in place to first prevent an employee taking such court proceedings, saving you money. They can also help with finance-related developments that can impact on your company, like a tax investigation or a shareholder disputing your divided profits.
Employment law is an example of laws that keep changing. Employees have certain rights at work, while dismissal procedures must meet certain legal requirements. Many employment disagreements can also be caused by poorly drafted contracts. A solicitor can help your business by checking things like contract details to prevent employee disagreements from happening and staff taking legal action.
All ideas you create and legally own are your intellectual property. This can include your inventions, published content, names and designs, brand symbols and product logos. A solicitor can ensure your company contract states you own your ideas and help stop your competitors from infringing on your intellectual property. They can also guide you in allowing other companies to pay to use your intellectual property to make your company money, if you decide it’s a good move for your business.
Understanding the full terms of the lease for your company premises is important for protecting your business. For instance, you should know if your landlord can increase the rent, the policy on your service charges, or what planning permission you’ll need to expand. This is where a solicitor can help. They can also help you understand your legal duties regarding your services and the goods you buy and sell. This includes product liability – the area of law concerned with manufacturing and selling products to the public – and what you’re legally allowed to say in your company advertising.
When you decide to hang up your company keys or pass your firm on to someone else, a solicitor can play an important role in handling the transition. They can make sure there are no legal issues you need to deal with when you sell up and that your buyer is responsible for handling all payments, such as for contractors and suppliers. They can also draft up agreements to make sure information like profits and client and customer lists are kept confidential.
In business it’s important to make sure you’re prepared for the unexpected, from a fall out with a business partner to you becoming seriously ill, being unable to work, and needing to protect your company assets. A solicitor can help advise you in the event of such incidents occurring to make sure you’re fully prepared and your company remains protected.
Legal protection is essential for businesses, but having access to solicitors and specialists to support and protect your company can be very costly. This is where FSB can help. We provide a Legal Protection Scheme to give our members access to a wide range of support and advice to help and protect their businesses. This includes:
To find out more about the legal support we provide, please visit our FSB Legal Protection Scheme web page.
Legal protection covers various scenarios and ensures you and your business are covered