The right advice at an early stage can be the difference between success and failure.
The Law Society of Ireland is encouraging entrepreneurs and start-ups across Ireland to make sure they get the right advice from the beginning to help plan for short and long term success.
“The decisions made at the very start of the life of a business can impact every aspect of its future. We cannot stress enough the importance of getting the right advice at an early stage,” said Teri Kelly, Law Society of Ireland Director of Representation and Member Services.
Ms Kelly says that, for example, one of the most important decisions to make when starting a business is which type of legal structure to use. “Different structures suit different types of businesses. A small business can choose to be structured as a sole trader, for example. This is an uncomplicated structure where the liability of the business is attached to one person. Some of the benefits of this structure include less paperwork and less regulatory compliance to deal with. However, the trade-off is an increased personal liability for claims or debts.”
“To get this and all the other critical elements right, we always recommend seeking the expert advice of your local solicitor. It’s important to remember that the small law firm or sole practitioner down the street from you is a small business owner as well as a legal expert. They are rooted in the local business community, as well as being uniquely plugged in to a local, national and international network of fellow, highly qualified legal experts. No start-up challenge is too big or too small for your local solicitor.”
Solicitors can also advise across all other areas of the business, including tax, employment, GDPR and more. “It’s also worth remembering that your local solicitor’s firm was once a start-up business itself,” Teri Kelly added.
The engines of local economies
In 2019 the Law Society of Ireland launched a strategic plan to support and develop the more than 2,000 firms in Ireland that have five or fewer solicitors.
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