Business lawyers

 

A UK business lawyer is a qualified legal professional who specialises in matters relating to commerce or finance. Since London’s ‘big bang’ of the 1980s the UK has become increasingly focused on financial services. However, clearly it is not just business in the capital which will require the services of a UK business solicitor.

What does a business lawyer do?

The role of a UK business solicitor can be categorised into three areas:

  • Compliance
  • Advice
  • Implementation

The first type of responsibility relates to industry-specific regulations. Nearly every industry, from agriculture to banking, has certain governing bodies which regulate it. These regulations are meant to ensure consumer confidence in the product the industry brings to market. A UK business solicitor helps clients become compliant which prevents any fines or penalties from being levied against the company.

The tasks of advising clients and implementing client wishes are normally associated with each other. When a company does a business deal it takes on risk. The solicitor’s role is to protect the client from taking on too much or unnecessary risk. Once the terms of the agreement are reached it is the solicitor’s responsibility to draft a contract that will be legally binding and which incorporates those terms.

What can a business lawyer help with?

Simply put, business lawyers can assist with every aspect of running your business. At a business’s inception they can be instructed to:

  • Draft relevant documents
  • Fill in forms
  • Assist with the registration of the business
  • Give advice

If you are setting up a company, for example, your solicitor will tell you about the advantages and disadvantages of this form of business and explain your obligations as a director of a company. You may decide that the requirement of publishing accounts may not be suitable and you may decide on starting your business in a different form.

If you do decide to start a business as a company, your business lawyer can assist you with forming a company, or purchasing a company that is already set up. If you wish to set up your own company then a number of documents must be sent to Companies House - the registrar for companies.

The documents include:

  • A memorandum giving details of subscribers
  • The articles of association
  • A statement of proposed officers
  • A statement of capital and initial shareholdings
  • An application for registration

The law regarding the documents which must be sent to Companies House has recently changed and your business lawyer will be able to give you some advice on these changes.

One of the most important documents to be sent off is the articles of association - this document lists the rules that the company must adhere to. Although there is a standard template for these rules, this does not have to be used at all, or in its entirety. You will need to take advice on what the articles should include.

If you run a small business and are looking for a cost-effective business lawyer, see our information page on small business solicitors.

Do you need a business lawyer to be on hand for matters that you need help with in the course of your business? Contact Law can put you in touch with a specialist business lawyer, suited to the needs of the work you need doing, whether it be litigation or non-contentious. Please call us on 0800 1777 162 or complete the web-form above.

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