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TIME TO GO IT ALONE IN BUSINESS? Starting your own business is an exciting but challenging experience and that is particularly so in the current economic climate. There is no doubt however that, when measured against other areas of Scotland, the Northeast continues to offer some interesting opportunities for entrepreneurs. To make sure your new business gets off to the best possible start and provides you with a stable platform for the future, it is crucial that you give careful consideration to some fundamental legal issues at the earliest possible stage. These important issues include the following, 54
What will be your trading vehicle and what are the pros and cons of each – i.e. sole trader, partnership or limited company? Do you have an agreement with your business partner or investor? What about premises, should you buy or lease and if so how do you go about it? Do you have terms and conditions with your suppliers or customers and do they protect your business? Do you have contracts in place for your employees? What is your liability if things don’t work out? Have you thought about your exit strategy? At Aberdein Considine & Company, our experienced legal team works closely with our in-house independent financial advisers
to make sure all of your business’ legal and financial interests are protected. For further information, please contact Ritchie Whyte, partner on rwhyte@acandco.com or 01224 589700 at Aberdein Considine & Company’s Bon Accord Crescent office.