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Setting up a business involves complying with a range of legal requirements. Find out which ones apply to you and your new enterprise.

What particular regulations do specific types of business (such as a hotel, or a printer, or a taxi firm) need to follow? We explain some of the key legal issues to consider for 200 types of business.

While poor governance can bring serious legal consequences, the law can also protect business owners and managers and help to prevent conflict.

Whether you want to raise finance, join forces with someone else, buy or sell a business, it pays to be aware of the legal implications.

From pay, hours and time off to discipline, grievance and hiring and firing employees, find out about your legal responsibilities as an employer.

Marketing matters. Marketing drives sales for businesses of all sizes by ensuring that customers think of their brand when they want to buy.

Commercial disputes can prove time-consuming, stressful and expensive, but having robust legal agreements can help to prevent them from occurring.

Whether your business owns or rents premises, your legal liabilities can be substantial. Commercial property law is complex, but you can avoid common pitfalls.

With information and sound advice, living up to your legal responsibilities to safeguard your employees, customers and visitors need not be difficult or costly.

As information technology continues to evolve, legislation must also change. It affects everything from data protection and online selling to internet policies for employees.

Intellectual property (IP) isn't solely relevant to larger businesses or those involved in developing innovative new products: all products have IP.

Knowing how and when you plan to sell or relinquish control of your business can help you to make better decisions and achieve the best possible outcome.

From bereavement, wills, inheritance, separation and divorce to selling a house, personal injury and traffic offences, learn more about your personal legal rights.

SMEs and suppliers in tug-of-war over credit

9 June 2020

Small firms and their suppliers are struggling to agree payment terms as both face cashflow problems because of unpaid invoices.

A new report from small business lender iwoca has warned that the coronavirus pandemic is creating a trade credit crunch as 40% of businesses are currently facing over £10,000 in unpaid invoices. It comes as customers seek longer payment terms and suppliers look to cut them, leaving one in four firms worried that they won't survive into 2021.

The proportion of SME owners that owe large payments to their suppliers has increased significantly. In the past 30 days, 41% of respondents asked their suppliers to extend payment terms - up from 27% in the year leading up to the outbreak of coronavirus.

At the same time, 34% of small business suppliers say they are more likely to either ask for immediate payment or shorten their payment terms in the future to minimise their exposure to unpaid invoices.

"What's emerging is a concerning game of 'tug of war' between small businesses as they look to survive and plan for the future," said Christoph Rieche, co-founder and ceo of iwoca. "Buyers can't pay their invoices because they don't have the revenues and sellers are being asked to provide longer payment terms to ease the strain whilst already sitting on a growing backlog of unpaid invoices.

"Coronavirus can and should help trigger a step-change for small businesses to become more efficient, productive and resilient. We believe the first and most obvious change is to make payment terms fairer between suppliers and customers."

Iwoca has launched a new product - iwocaPay - that allows customers to choose payment terms of up to 90 days. At the same time, suppliers will be paid immediately through iwoca.

Supply and logistics issues are particularly prevalent in the retail sector, according to new research conducted by Opinium for LiveArea. Its findings show that:

  • More retailers are being challenged by supply and logistics (72%) than by changes in demand (70%) during the COVID-19 crisis;
  • Other major obstacles include work planning and staffing (50%) and cashflow and credit concerns (31%).

However, while many businesses are struggling, those with strong and advanced digital capabilities have adapted. Digital commerce (72%) and IT infrastructure (60%) are the top investment priorities following the pandemic.

Written by Rachel Miller.

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