5 ways to protect your business legally for the future
PUBLISHED: 16:05 27 July 2020 | UPDATED: 16:38 27 July 2020
Legal experts Jonathan Rogers, Partner, and Sophie Murgatroyd, Associate, from gunnercooke llp share five things you can do now to secure the future of your business.
1) Find the best structure
Different business structures provide more protection than others. For example, if you’re a sole trader, you are personally responsible for all of the company’s profits, but also its debts; a limited company protects the shareholders and Directors from that liability to a certain extent.
Review the structure of your business and consider whether changing it would offer you more protection. It’s important to keep in mind your long-term intentions, such as growing the business or even a possible sale. If you choose to make an alteration, you should seek the help of a solicitor (Sophie or Jonathan) to advise on the necessary legal documents that would need to be put in place.
2) Secure your data
Whether remote working is a temporary or more permanent solution for your business, you need to make sure your documents are managed and secured. Your IT infrastructure needs to be effective across all company equipment, whether that’s on or off site. This will ensure you’re compliant with recent GDPR changes which is required to keep data safe and secure.
Make sure your staff are given the relevant training and support to allow protection of your business data.
3) Establish strong contracts
We would recommend that any contracts you already have in place are reviewed by a professional, such as a solicitor (Jonathan or Sophie), and that you ensure you have the necessary contracts in place to minimise any risk to your business.
A solicitor will go over everything and ensure you fully understand your obligations within the agreement. It’s important to review any contracts before you enter into them so that you’re fully aware of their terms.
4) Build a network of trusted advisors
Establishing strong contacts with professionals such as accountants, tax advisors and solicitors ensures you have the opinion and advice of an expert to prepare you and your business for success.
To have a successful company, it’s vital that you get the necessary information and assistance from advisors who are specialists in their field that cover all eventualities.
5) Insure your future
Obtain the right insurance you need so you know you’re covered. There are lots of different insurance policies to suit varying businesses and sectors and to help protect you and your business against most of the risks you may face.
As specialist corporate and commercial law solicitors, we offer advice to help protect your business so you can trade with peace of mind.
Visit gunnercooke.com for more information, or contact: