Key Contractual Considerations for New Business Owners

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by Martin Kingman 
| 13 December 2023
Starting a new business is an exciting and challenging endeavour. It’s a journey that requires an entrepreneurial spirit and a keen awareness of the legal landscape. A critical aspect of this journey is understanding the various contracts that will underpin your business’s operations. This guide aims to provide you with a clear and comprehensive overview of these essential contracts, helping to ensure your business is built on a firm legal foundation.

Section 1: Navigating Building Leases

  • Understanding the Terms: Commercial leases come with their own set of complexities. Understanding every aspect, from lease duration and renewal terms to maintenance obligations and exit clauses, is essential.
  • Legal Assistance: Our legal team is here to help you make sense of these terms, ensuring your lease agreement supports your business objectives and minimises future risks.

Section 2: Solidifying Business Contracts

  • Creating Strong Agreements: Contracts with suppliers and clients are the backbone of your business dealings. They should clearly outline the scope of work, delivery timelines, payment terms, and liability clauses.
  • Expert Review: Our solicitors can assist in drafting and reviewing these contracts, ensuring they are comprehensive, fair, and legally sound.

Section 3: Ensuring Compliance in Employment Contracts

  • Building a Team: As you hire staff, it’s crucial to have employment contracts that are clear and compliant with employment laws. These should cover roles, responsibilities, salaries, benefits, and termination conditions.
  • Legal Guidance: We offer expertise in drafting employment contracts and policies that protect your business and provide clarity and fairness for your employees.

Section 4: Structuring Shareholder Agreements

  • Clarifying Ownership Terms: A well-structured Shareholder Agreement is essential if you’re entering a business with partners. This agreement should detail investment expectations, profit sharing, decision-making processes, and dispute resolution mechanisms.
  • Tailored Advice: Our team can help craft a Shareholder Agreement that aligns with your business goals and provides a clear framework for managing the partnership.

Section 5: Safeguarding Intellectual Property

  • Protecting Your Ideas: Intellectual property is a key asset for many businesses. Protecting your IP through legal agreements is crucial to prevent misuse or infringement.
  • Legal Support: We can guide you in securing your intellectual property rights, ensuring your business’s innovations and creative assets are well-protected.

Section 6: Implementing Non-Disclosure Agreements

  • Maintaining Confidentiality: Non-Disclosure Agreements (NDAs) are vital for protecting sensitive information, especially in the early stages of business discussions.
  • Drafting NDAs: We can assist in preparing NDAs that are comprehensive and enforceable, providing you with the security to share and discuss your business ideas freely.
Navigating the contractual aspects of starting a new business can be complex, but with the proper legal guidance, it becomes a manageable and integral part of your business journey. Our team is dedicated to providing you with the support and expertise to ensure your business is legally sound and ready for success.

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