11 Feb 5 reasons to love the legal health of your business
What gift could you give to your business this valentine’s day? What about a legal health check, protection against legal risk and being ready for the future?
Read our top 5 reasons to love the legal health of your business.
To minimise legal risks
As the saying goes ‘a stitch in time saves nine’. Why wait for a solicitor to fix a legal issue facing your business, when you can be prepared for potential threats. It will cost more and take longer to resolve a situation if the necessary documents are not in place. Are you compliant with the legalities surrounding employment law, data protection and consumer protection? (read more)
To be ready for the future
If you are a limited company with fellow shareholders, it is important to have a comprehensive shareholder agreement. It will protect you from several scenarios, like a disagreement over a major change to the business, if you fall out with your business partner, or if a partner wishes to leave the company. It’s also never too early to prepare a business succession plan (read more)
To attract a buyer for your business
If you are planning to sell your business this year, or in the longer term, it’s best to ensure your business is in good legal health. A buyer will need to know that all your significant business contracts are in order and that none of these key contracts or key staff will be lost because of the sale. You should consider your customer and supplier contracts, leasing agreements, maintenance contracts and your employee contracts. Contact us if you are buying or selling a business.
To negotiate a commercial lease that’s right for you
It is essential to have legal advice on the terms of your lease. It should identify the responsibilities of the landlord and the tenant toward the property. This will include improvements to the property, maintenance, repair and dilapidations, as well as clauses to protect both parties in the event of rent arrears or breaches of the lease. Your commercial lease should also consider the terms for lease renewal, the rights to sublet and conditions to terminate the tenancy. Contact us if you need legal advice.
To avoid lease dilapidations
Dilapidations is a catch-all term used to describe breaches by a tenant of the lease obligations relating to the condition of the premises such as repair, redecoration, putting back alterations and statutory obligations. If you are a tenant and you receive a schedule of dilapidations, you should consult our commercial property legal team. We will advise you on the legal process. If you are a landlord and wish to include dilapidations in your lease agreement, you should also seek legal advice. The specific wording of the lease obligations will make a big difference to the how you agree on dilapidation liabilities when the lease comes to an end. (Read more).
To make an appointment with one of our solicitors’ email info@hrjforemanlaws.co.uk or call Hitchin 01462 458711, Welwyn Garden City 01707 887 700.
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