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Crucial UK Business Laws for Entrepreneurs

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Being an entrepreneur means being adept at a hundred and one different things. It means juggling creativity and a head for numbers, ambition with pragmatism, enthusiasm for progress with the patience to stay the course when things plateau. It also means understanding the importance of an incredibly broad range of laws and regulatory frameworks designed to ensure fair play and protect the interests of your customers, employees, and other businesses you interact with.

So, what do you need to know? You can’t be expected to know everything, but understanding the importance of certain laws is fundamental to your ability to grow a successful business. With the right help by your side in the form of corporate solicitors, you can ensure a productive time in the business world.

Data Protection Act 2018 and General Data Protection Regulation (AKA, GDPR)

As your business takes off, customer data will prove to be one of the most valuable strings to your bow. From personalised marketing to analysing key behaviours, data really does make the business world go round, but recent years have seen an excess of freedom (exploited by some corporations) whittled down to comply with some very stringent measures for UK businesses.

Failure to comply doesn’t just put you at risk of some weighty fines – it can also undermine your reputation among customers. At times, this reputational damage is impossible to come back from, particularly as the average internet user grows more and more aware of the ways in which their personal data is being utilised by brands.

Intellectual Property (IP) Law

This one is an entire branch of UK law, and it’s a tricky one to get right unless you have a lot of theoretical and experience-based knowledge up your sleeve. For the overwhelming majority of business owners and entrepreneurs, that’s exactly what they don’t have – and neither do they have the time to hit the books.

This is one area where you really need the guidance of an experienced solicitor – someone who can apply a comprehensive understanding of corporate and commercial law to your situation, and ensure you and your business’s interests are fully protected.

The Companies Act 2006

This piece of legislation covers many differing aspects of forming, operating, and dissolving a business within the UK. Any entrepreneur looking to establish themselves in this market needs to act in compliance with a very broad range of provisions within this act, from registering their company to reporting on the financials and monitoring shareholder rights, this is a vital law for anyone in business to understand.

Again, understanding its importance and knowing it inside and out are two very different things. A corporate solicitor will be able to ensure that this Act is implemented and that you’re always on the right side of the tracks.

Employment Law

This is another area of UK law that you need to be fully compliant with throughout your business’s lifetime. Missteps and oversights can be incredibly damaging to your business’s reputation and financial footing – and make it very difficult for you to ensure business continuity.

Again, you’ll want your solicitor to help steer the course when it comes to compliance with the ever-changing world of employment law.

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