A common problem for small businesses and especially start ups is the issue of sorting out legal formalities, such as terms and conditions, shareholder or partnership agreements or even whether to trade as a limited company, sole trader or other legal entity.
The problem is that most small businesses either can’t afford solicitors fees, have other priorities or don’t think they need to spend money on lawyers or don’t think the fees are money well spent. This may well be very short sighted thinking, storing up all sorts of trouble, this mindset is somewhat understandable. The perception tends to be that instructing solicitors on almost anything involves costs of over a thousand pounds and the other option, historically, has been to buy legal documents as templates.
That in itself has it’s attractions in the sense of costs, with it being perfectly possible to buy a shareholder agreement for £50.00 or less, but these agreements are not entirely standard, with one size fitting all, and there are a number of important options and considerations to bear in mind. Frankly, what point is there in having a set of terms of conditions for your business if you don’t even understand what most of the legal jargon means ?
A customer phones you up and asks you about a clause in your business terms – how embarrassing, and potentially bad for your business, if you don’t know what the clause means or why it’s in your own contract !
So, the advent of a middle ground, making legal documents and contracts affordable but also flexible, with guidance, is very welcome, and with the use of advanced technology and a team of in-house lawyers. The Epoq Group, specialist legal technology suppliers, have created a large number of interactive legal documents which are both affordable and highly usable, and which are now available direct to business via their my lawyer website. Well worth checking out.