Conflict Resolution

We live in a litigious business environment. Some conflicts are resolved amicably and peacefully through arbitration and mediation. However, several of them often end up in court. A lawyer is meant to handle lawsuits filed against your company and ensure your rights are protected in court. If not handled properly, some disputes could render your company bankrupt.

Offer Legal Business Advice

The knowledge lawyers have about the specifics of the industry can come in handy and save you time on certain matters. In any business, there’re always loopholes that if discovered could be used against your company. Your lawyer’s responsibility is to ensure you are up to date with any legal business information regarding your company. In addition, lawyers can offer advice on the rights and responsibilities of company directors and officers.

Corporate Formation

A lawyer’s responsibility also includes helping you create, register, organize, as well as dissolve a company. A lawyer can draft legal documents such as articles of incorporation, employment contracts, partnership contracts, non-disclosure agreements, and much more. When a company is selecting its legal structure, a lawyer can help steer it in the right direction.

Tax Law

Nothing can be more frustrating for a company like receiving a letter from the HM Revenue & Customs. A lawyer helps your company navigate the complex rules and regulations of the UK’s tax legislation.

The Applicant’s Experience

One of the most important things to discuss is the applicant’s previous experience. Try looking at their resume and comparing it to the hiring criteria. Keep in mind that skills can be learned quite easily: it’s not important that they know how to use an industry-specific piece of software, but whether they have good computer skills and have previously adjusted to new software. However, a candidate who has previously performed a wide range of duties will probably be the most attractive.

The Applicant’s Personality

As well as the applicant’s practical experience, it might be useful to consider their personality. If the job involves working with customers, are they chatty and fun to talk to? If the job involves long hours working alone, do they seem as if they would enjoy that? If you ask them about their previous job and they say negative things, is this really the kind of person you want to hire? Will they fit into the existing team?

What Not To Do

One common mistake when hiring is to become so pleased with one aspect of a candidate, such as their personality, that you overlook their negative points. Remember to look at the big picture. Another major issue is not leaving enough time and rushing into a choice that isn’t quite right: make sure you leave enough time to properly evaluate all the candidates.If all these factors are taken into account, the process of recruiting and choosing a candidate should be made simpler.

A solicitor should be on the same track as the business and identify its vision

Prior to hiring a solicitor, it is imperative to spend some time researching local law firms who have legal experts that deal in a particular field. For instance, some lawyers specialize in divorce law and may not be versed in corporate litigation. By approaching those who ultimately identify with an organisation’s business needs, the entrepreneur will then be able to get detailed information about their practice areas as well as niche industries.

Consult and listen

A small business owner should make sure he or she explains the nature of their business and the support they need during an initial consultation. Many solicitors are willing to provide a no obligation consultation with their potential clients free of charge. As there is no money exchanged at this stage, the business owner is free to choose someone else should he wish to do so. One law firm that comes highly recommended by its previous clients is GTG Advocates on Malta.There is a wealth of business law information online that’s specifically designed for startup companies. These lawyers have the knowledge and experience to tackle all sorts of legal issues as well as the ability to register a company’s trademark for them. While it is true that a book-keeper can register a limited company, when it comes to legal issues, it is best to seek the advice of a qualified lawyer as this is often the safest option for the business owner.

Basic business economics is not about income and outgoings

Business economics is all about resources, and you may be surprised to learn that liquid money (your cash) is your weakest resource. In most cases, your money alone is making a loss every day it sits in your bank or safe. If you were to put that money into an interest-earning account, or into new equipment, or into a sack of coal, then it is more likely to return a profit than if you kept your money in a safe.

Incoming must exceed outgoings

What you need to understand is that your income is rarely something you get to hold in your hand. If you buy 50 bags of rice and swap them for 60 bags of grain, then you have made a loss or a profit. If you have made a profit, then you have an income. At the end of each business cycle, you must have gained more than you lost. If you do this, then your income has exceeded your outgoings.

Time costs you money

Every minute you spend within your business is worth money. If you squander your time, then you are wasting money. Time is a resource, and it is a valuable resource that many people squander and that few people understand.For example, you could spend 8 hours per day working five days per week for two years in order to purchase a rig to demolish a house so you can build on the land. That is over 1900 hours you worked in order to demolish that house. Or, you could go to the house every day for 4 hours and knock the house down brick by brick, whilst spending the other 4 hours working a day job to pay your bills. In this scenario, it would take you between four and six months to demolish the house, instead of two years if you bought the rig. Time is a valuable resource, and how you spend it determines your level of business success.

Sole Trader

A sole trader is the simplest and cheapest entity available. An entrepreneur who chooses to operate as a sole trader trades on their own and is legally responsible for all aspects of the business. They do not receive a salary. Instead, they receive profits that are taxed as income.

Partnership

A partnership is an association of people who wish to start a business and distribute any income or losses between themselves. A partnership can be ordinary, meaning that the partners are personally responsible for the business’ losses, or limited, meaning that the partners are only personally responsible for the business’ losses up to the amount they initially invested in the business. All partnerships must be registered with Companies House and each partner must pay income tax on their share of the partnership’s profits.

Limited Company

A limited company is the most common type of business entity in the UK. Its main draw is that it enables an entrepreneur to keep their business’ finances separate to their personal finances. Limited companies can be limited by shares or by guarantee. Most limited companies are limited by shares. This means that the shareholders’ responsibilities for the business’ financial liabilities are limited to the value of the shares they own but are yet to pay for. All limited companies must register with Companies House and the individuals who run the company – the directors – must pay tax on their salaries.

Community Interest Company

A community interest company (CIC) is an entity designed for entrepreneurs who wish to set up a business and use the profits for public good. Its structure prevents the profits from being distributed, except as permitted by legislation. An entrepreneur must register their CIC with Companies House and pay tax in the same way as an ordinary company.It is important for an entrepreneur to understand the differences between the entities before starting a business. The entity chosen will affect their legal responsibilities, such as the paperwork they will have to fill in and the tax they must pay.