Good legal advice from a business solicitor is like ‘insurance’ for a business
Under the Legal Profession Act 2004 it is illegal for people to engage in legal practice, or hold out that they are entitled to do so, without holding a current Practicing Certificate. Such people are called unqualified practitioners. To provide legal services to the public a solicitor must hold a current and appropriate type of practicing certificate, be covered by professional indemnity insurance, comply with cost disclosure rules and contribute to the Legal Practitioners Fidelity Fund, if required.
A specialised business solicitor can help make your business more successful by providing business legal advice on:
- Business entity structure – This includes drafting a shareholders’ agreement (see Strategy 23) or partnership agreement (see Strategy 43).
- Business premises. This includes reviewing, negotiating and drafting the lease on the business premises.
- Goods and services. This includes businesses legal obligations when selling goods and services, contract terms, product liability, and advertising and promotional materials.
- Protecting your intellectual property. This includes inventions, literary and artistic works, designs, symbols, names and images.
- Disagreements and problems – Includes taking legal action, mediating, and resolving disagreements.
- Selling your business – Including drafting the sale contract and confidentiality agreements.
- Succession planning – Including drafting the agreements to sell or transfer the business to family members or children.
Good legal advice from a business solicitor is like ‘insurance’ for a business. Ideally put in place when you don’t need it, and hopefully you never need to use it. However if a problem occurs, you are thankful that you have the legal protections in place.