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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.
Exiting your business may be the most significant decision you take in your business career. Whether you are selling the business, plan to retire or both, a business exit can involve substantial personal and financial consequences.
A clear business exit strategy is essential. Developing your business exit plan well in advance helps ensure that you make the right decisions and maximise the value of your business.
The right exit strategy depends on what you are trying to achieve.
Many business owners plan to retire from the business and sell up at the same time. A business exit like this offers a clean break. You may feel that you have taken the business as far as you can, want a new challenge, or to tie your business exit in with your overall retirement planning.
Alternatively, you may plan a purely financial business exit, looking to realise part or all of the value of your business while retaining an active management role. Or you may feel that your business would benefit from being part of a larger group. But you'll want to be sure that you and the purchasers share the same vision of where the business is going if you are to avoid future conflict.
Conversely, you might want to retire while retaining ownership: for example, as part of a gradual business exit plan which involves passing your business to other family members. This kind of business exit strategy can be fraught with potential problems, leaving you over-exposed to the future success of the business and tempting you to interfere with your successor's plans.
If you are retiring as part of a business exit, you'll need to consider succession planning and also your personal retirement planning. As well as financial retirement planning, it's worth thinking hard about what you plan to do: successful business owners can find themselves at a loose end.
Ideally your business exit plan should be developed and put into action years before the business exit happens. Advance planning helps you get the business into shape (if you are selling it) and to develop a successor (if you are retiring).
A long-term business exit plan also lets you maximise tax planning opportunities such as making payments into your personal pension. You will also want to ensure that the business qualifies for entrepreneurs' relief on Capital Gains Tax unless you have already used your lifetime allowance.
Involve other stakeholders such as other shareholders, key employees, important customers and suppliers in planning your business exit strategy. Their support can be crucial for a successful business exit.