Starting up your own business or becoming involved in an existing business is an exciting time but one which is fraught with concerns, uncertainties and potential pitfalls. Whether you are getting involved in the business world for the first time or moving on to acquire a major business enterprise many of the problems are the same.

Should I do this as a sole trader? If there are other people involved should there be a Partnership? Shall we deal with matters by forming a Limited Company?

It is essential that the foundations for the business are established at the outset to avoid potential problems as the business is growing. If it is a small business involving two or three partners it is essential that a Partnership Deed be drawn up identifying the rights and obligations of each of the Partners. If you do not do so then this decision is taken out of your hands and the Government through its legislation will decide for you! Your freedom of choice is more important than that.

You will need to decide whether or not you are going to be trading from home with all the Planning and other considerations this will involve, renting premises or purchasing premises. These are all important business decisions and can have a substantial impact on the success of the business.

If you are acquiring a business you need to ensure that the seller will not take advantage of any relationships it may have in the area by selling out to you and then setting up in competition.

These are only a few of the many considerations that need to be borne in mind when entering the business world. It is essential that you take advice on these matters before entering into any agreements so as to ensure that the business empire that you are establishing will be built on solid foundations and not on shifting sand.

Please feel free to contact our Commercial Specialists who can advise you further in that regard.