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Understanding Pre-Emption and Priority Rights in the UK: A Guide for Companies
When UK companies issue new shares or transfer existing ones, pre-emption rights come into play to…
A Step By Step Guide To Recovering A Disputed Business Debt
Recovery of a disputed business debt is not a task most business owners relish because precious…
Why company shareholders need to consider the impact of probate
A scenario that businesses with more than one company shareholder should plan for is the death of a…
A Litigator’s Guide to … Injunctions
An injunction is designed as a protective measure to restrain certain behaviours, such as to…
A Litigator’s Guide to … Shareholder Disputes
Shareholder disputes can be very damaging to a business, causing a raft of practical issues…
A Litigator’s Guide to … Terminating Contracts
There will be times when you want to bring a deteriorating business relationship to an end. Whether…
A Litigator’s Guide to … Mediation
A guide to some of the key factors you need to consider when thinking about mediation, or accepting…
Companies House Introduces New Measures
Starting 4 March 2024, Companies House will implement new measures in accordance with the Economic…
Why Every Successful Business Needs A Risk Register
The benefits of a well-maintained risk register are extensive and broad, from identifying and…
Who’s Afraid of the Big Bad Lawyer?
The keys to the successful engagement of a legal representative are communication and…
What is a Data Transfer Risk Assessment?
If you are transferring personal data from the UK, it is likely that you will need to undertake a…
Why your company needs a Legal Health Check
Details gleaned from a Legal Health Check will ensure you know were your risks lie so you can build…
How to create an ESG framework (and why you should)
The fact that 75% of British people are worried about climate change makes it clear that to attract…
Why you should consider using an accountant for probate
It is not common for an accountancy practice to hold a licence to provide probate services but for…
What is Greenwashing in business?
UK SMEs need to be on notice that regulators, customers, and investors are taking greenwashing…
How a Franchise Agreement can reduce the risk of disputes
Although it may be tempting to download a franchise agreement online and/or save money by not…
Flexible working – upcoming reforms
The Employment Relations (Flexible Working) Bill has now completed its journey through parliament…
Why you MUST have a Partnership Agreement
What is crucial is that anyone entering into a traditional partnership understands the consequences…
Protect your brand’s reputation on Social Media
Social media has revolutionised business communication, therefore, it is crucial to protect your…
Is Copyright an Old Law for a Brave New World?
With record labels now seeking to licence their artists’ voices for songs generated by artificial…
R&D tax credits changed from April 2023 – find out how it could affect your business
R&D tax relief has long rewarded companies that work on innovative projects in the UK. While that…
Transfer risk assessments – a frequently overlooked stage in international contracting
While it may seem like a straightforward task, completing a TRA requires a level of expertise and…
The total cost of not managing project risks
Not having a risk management plan can lead to financial costs; however, there are also intangible…
ChatGPT – Opportunities and legal implications for businesses
Depending on what you read and your personal views on technology, ChatGPT is either an amazing tool…
When should a risk assessment be carried out?
Compliance and risk assessments go together like coffee and cake, tea and scones, Ross and Rachael…
The average GDPR fine for SMEs is £30,000. Ouch!
Alex Franch, Co-Founder and CEO of Privasee, introduces GDPR and why it is important for small and…
Is intellectual property protection really too expensive, and or the threat too low?
Imitation is the sincerest form of flattery, as the saying goes, but it usually doesn’t feel that…
Why compliance is about more than protecting your business from fines and legal action
Your company accounts, audits and various tax returns are your opportunity to tell your company's…
Three key things to consider in contract negotiations
When it comes to commercial negotiations, they often don’t turn out the way you had hoped and then…
The Start up Legal Journey
Under English law, a warranty is a promise made by one party to another that certain facts or…
isme|&|conversation...
Intellectual Property. Everything you need to know about realising the intangible value in your business and how to protect it.
Dual Qualified Patent & Trademark Attorney Jerry Bridge-Butler at Baron Warren Redfern talks to host Ed Palmer about the differences between Patents (inventions/ideas), Trademarks (any sign which can act as designator of origin), Designs (protecting the outward appearance of product) and Copyright - (an automatic protection right in the creative industries).
isme|&|conversation...
Melissa Danks, inspiring Founder & Director of 43Legal
Ed Palmer interviews the inspiring Melissa Danks. Hear about how Melissa backed herself against the odds and refused to acknowledge biases to first become a Lawyer and then go on to set up 43Legal. A law firm, which you'll hear is markedly different from other commercial firms.
isme|&|conversation...
Alistair Stewart talks litigation & legal advice
Alistair Stewart, Partner at Loney Stewart Holland, discusses the mistakes businesses make at every stage of development from a legal perspective. Revealing the pitfalls, the practical solutions to these problems and best of all how to avoid them.
isme|&|conversation...
Kirstie Penk from The Legal Director talks about the importance of choosing your battles carefully, at home and in the workplace.
Introducing Kirstie Penk a Director at The Legal Director Ltd. Hear about how TLDs progressive business model is transforming how businesses access legal services. As well as some excellent advice about always trying to say yes but when you say no, mean it.
TLD talks...
Contracts with Chris Parr
CEO, Ed Simpson, talks to Client Legal Director Chris Parr on the importance of getting contracts right; what to watch out for when negotiating Terms and Conditions and how to avoid placing your company at risk.
Coming Soon. More valuable and insightful content.
Coming Soon. More valuable and insightful content.
Business Legal Advice
Business legislation and regulation covers a wide range of topics including employment, intellectual property, health & safety, data privacy, commercial arrangements.And more.
It’s important for you as the owner or manager of a small or medium-sized business to have an appreciation of rules that apply to you. Fall foul of the rules, and you could find yourself faced with a fine and or prosecution. So, where do you start?
isme|&|co has been set up to provide easy access to insights into the types of advice you might need. This will help you understand what rules apply to your business, and crucially to appreciate when you need to seek specialist legal advice.
Whether you’ve been running your business for many years or are considering starting a small business you’ll find helpful insights on topic such as:
● Deciding the right legal structure for your business
● Protecting your intellectual property
● Understanding business contracts
● Employment
● Outsourcing business legal advice
By reading the insights available on isme|&|co about legal advice for small and medium-sized businesses, you’ll be better placed to understand some of the important principles of the law and regulations as they apply to your business.
Deciding on the right Legal Structure for your Business
Before starting your business, you need to consider the most appropriate legal structure. So, what is the legal structure of a business and how do you decide?
There are several types of legal structure, which determine matters such as what happens to the profits the business makes, the extent of liability that the owners of the business are exposed to, and how tax is payable on the profits generated. Some of the most common structures are as follows:
Sole trader
You’re self-employed. You run your business on your own and retain your profits after tax.
Limited Liability Company (Ltd)
Your business is either limited by shares or limited by guarantee. The business is legally separate from you, has separate finances to your personal finances, and it is the shareholders of the equity shares who typically own any profit after tax. Limited by guarantee, again, means the business is legally separate from you, has separate finances to your personal finances. But, it does not have share capital or any shareholders. And instead has members who control it.
Partnership
You personally share responsibility for your business with your business partners. Terms of operation, control and ownership being set out in a Partnership Agreement.
Limited Liability Partnership (LLP)
A form of partnership whereby liabilities can be limited for some of the partners.
Deciding which is the right legal structure for you will depend on a variety of factors. Including how you want to run your business, the ultimate goal for your business, and how your business will be funded.
If you’re unsure whether it would be better to register as a sole trader or to enter into a business partnership, seek advice from one of the specialists listed in the isme|&|co Marketplace.
Protecting your Intellectual Property
So, what is intellectual property and how do you protect intellectual property within your business?
Intellectual property is typically an asset that has been created by you or the other creative minds employed in your business. Or purchased by your business from a third party. Examples of intellectual property include but are not limited to:
● Inventions
● Designs
● Brands
● Logos and other distinctive marks
● The look of a product
● Original software
● Original written work
● Marketing slogans
Your intellectual property will most likely be contributing significantly to making you money. Especially if the design or look of a product is differentiated and distinctive, making it more attractive than your competitor’s equivalent offer.
You should consider carefully possible intellectual property infringements. From others infringing your intellectual property. And by you infringing the property of others. Be that deliberately, or inadvertently.
Protecting your intellectual property can help prevent a competitor from copying your product or design and taking unfair advantage of your investment in its creation and development.
For certain forms of intellectual property, you are automatically protected by copyright. Copyright covers written and literary works, music, art, photography and web content. Design rights protect the look or shape of objects, and can be both registered or unregistered. To better protect the appearance of a product, you need to register your design. This might cover the shape, colours, packaging, decoration and patterns.
If you want to protect your product name, branding or logos then you’d need to apply for a trademark.
If you create a novel and innovative new product or feature, you can consider applying for a patent. Bear in mind that this can take a number of years to secure. But, if you are successful in being awarded a patent, protection of your design starts from the date you submit your application.
Tax incentives are also available in the form of reduced corporation tax rate payable on the profits derived from a product that is covered by a valid UK patent.
Find out more about how to protect intellectual property by searching for insights on intellectual property registration and protection.
Understanding business Contracts
As a business owner you will be familiar with business contracts. With most of your business dealings there’s some sort of contract. But, even the most seasoned business professional needs to keep their understanding up to date. Ensuring that all current best practice and advice is incorporated into their contracts. And, crucially, knowing when and where to turn for help if they run into problems.
Business contracts are legally binding, typically written, agreements between two or more parties. They set out the rights and responsibilities of the parties. Important as it makes sure you are protected if another party breaks their side of the agreement.
On the other hand, business contracts also hold you and your business accountable, so you need to understand them to avoid repercussions.
You’re likely to come across many business contracts when running your business, including:
● Employment contracts
● T&C’s of sale
● Shareholder agreements
● Software license agreements
● Lease agreements
● Confidentiality and Non-disclosure agreements
Before you enter into a new business relationship, it’s a good idea to get business legal advice from experienced lawyers. Particularly if dealing with circumstances that are new to you, or relate to an area where the law changes on a regular basis. An example of this being employment legislation.
Outsourcing Legal Advice
Getting legal advice for your small business is crucial if you want to make sure you’re not exposed to unnecessary risk. Whether you need business dispute or litigation legal advice, employment contract advice, guidance on how to protect your intellectual property, or business contract advice, talking to a professional is often a wise investment.
Many small and medium-sized businesses cannot justify the cost of employing their own in-house legal specialists. And so, outsourcing their business legal advice is a flexible, cost-effective and practical solution. Hiring an external lawyer will help you with all aspects of business legal advice such as helping you draft legal documents, checking contracts, and supporting you with protecting your intellectual property.
Search the insights available on isme|&|co about business legal advice. This will provide you with a better understanding of where and when you will benefit from taking external advice.
Business law and regulations can be complicated and challenging. There are many things to consider, so it’s essential to understand the basics to avoid a lack of knowledge negatively impacting your business.
The isme|&|co legal advice insights are written for small and medium-sized businesses. They will help make setting up and running your business easier. Giving you the basic understanding you need to then recognise when you need to seek expert external legal advice.
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