Choosing to branch out and try something new is an exciting prospect for any business. However, is it always going to be the best move? A small consultation with your solicitor might be just what you need to help iron out any of the doubts that you might be having.
One of the primary reasons why you should speak to your lawyer is that they will be able to tell you about some of the things you need to do during this change to ensure that you are compliant with current laws. You don’t want to make many changes to the structure of your business only to discover that they are technically illegal and more will have to be done to fix it.
For example, if you want to make changes to your current employee contracts, a consultation with an employment law specialist will ensure that all the alterations you wish to make are still law-abiding. This can save you quite the legal headache further down the line.
No matter what area of the business you are changing, a chat with a solicitor should help you stay within the law, which is why it will prove invaluable to you if you decide to work with a firm local to your business. For those in the South West, for example, an employment lawyer in Bristol will be on-hand to answer any queries as and when they arise.
A Second Opinion
Making major changes to your business can require a lot of forethought, and it might not be a decision that you want to rush into. Therefore, it is often a good idea to take on the advice of several different parties to see what they might make of your proposals.
A solicitor is a great example to speak to here. They might have knowledge of the industry you are in and how the markets are shifting. Though their opinion might not be as concrete or as knowledgeable as a bonafide industry expert, they will still be able to offer you some fantastic advice.
You might already have the perfect plans in place – or so you think. However, you should still always run them past your solicitor first. You never know when there might be a legal loophole that could help you in the long-term.
For example, you might have structured a new arm of the business in a certain way. When your solicitor takes a look at it, they are able to come up with an alternative structure that gives you the same output and benefits but could be more cost-effective in terms of tax rates or licences that you might have to pay. Small changes like this could add up to big savings over time.
Before making any major changes to your business, you should always think about consulting your solicitor. You never know what they are going to be able to uncover and what changes they might be able to recommend. With big expansions of companies, you want to ensure that everything goes off without a hitch. Having a lawyer check everything over is going to be a key part in helping you ensure that your plans come together perfectly.