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http://www.straightlinelegal.co.uk/

Straight Line Legal, 144 Georgia Avenue, Manchester (2026)

03/06/2024

❓ A question I hear a lot from freelancers/contractors/consultants is this:

Mark, how the flippin' heck do I get paid on time?

It's a good question and my strong recommendation, which might irritate you for being so obvious, is to get paid upfront! Get the money in before you do the work - that's the gold standard.

But if you can't - and I know there is pushback in lots of industries to this - then there are some things you can do to improve your situation and keep that cashflow moving.

✅ Vet your client before you do any work for them, to see if they have any financial red flags e.g. court judgments, bad credit history.

✅If possible, negotiate a substantial deposit up front and reduce credit terms to a period that's manageable for you.

✅Get the client to agree to your Ts and Cs (preferably with a clear signature) BEFORE you do any work.

✅Be crystal clear on the scope of work and the fees charged. Mismatched client expectations can be a big factor in non-payment.

✅Make sure your Ts and Cs include a right to claim interest for late payment. It should be high enough to incentivise paying on time, but not so high that it could be considered an unenforceable penalty.

✅Include in your Ts and Cs a right to suspend your work if you are not paid. This must be stated explicitly as it's not an automatic right.

✅Make sure your Ts and Cs include a right to recover legal costs for pursuing bad debts. For smaller debts (usually less than £10,000), legal costs may not be recoverable even if you win at court.

✅For bigger/riskier projects and clients, consider if you would benefit from trade credit insurance, invoice factoring, and/or letters of credit.

✅Send accurate and complete invoices at the right time and make it easy for your client to pay. Being sloppy on invoicing sends the wrong message.

✅Have a robust credit control process in place for monitoring payment dates and quickly follow up with the client for all missed payments.

Hopefully this checklist helps and if you need some bespoke assistance with your payment processes and contract terms, drop me a line 📞

20/05/2024

❓ Business owners - is your IP protected?

I've been doing lots of for businesses recently and one thing that keeps cropping up is (IP). Many business owners don't know what IP they have and how to protect it, so here is a quick overview.

IP is essentially anything you create with your mind that you can own, like a new invention, a piece of music, a book, a logo, or a design. There are various ways to protect your IP to make sure nobody else uses it without your agreement.

💡 For business/trading names, logos, product names, marketing taglines etc - consider registering them as a trade mark.

Using your trade marks can generate goodwill (a valuable asset), which arises from the reputation associated with the trade mark(s)/brand. While unregistered trade marks get some protection, registering means that you can enforce your rights more easily.

💡 If your business designs products where the appearance is important - consider registering those designs.

In the UK, designs get some automatic protections when created but, unlike registered designs, they don't give you monopoly rights and you need to prove that the design was actually copied to sue for infringement.

💡If you make artistic works, sound/film recordings, or literary, dramatic or musical works (or even source code to software!) - your work will automatically be protected by copyright if it's original.

The work has to be recorded and it's helpful to have a date stamp of some kind, to avoid future disputes, Because the author/creator of the work is the first copyright owner, for business collaborations you must be clear on who owns the copyright.

💡 If your business creates products, inventions, processes, or devices - consider applying for a patent.

To be patentable something must be new, involve an inventive step, and be capable of industrial application. There are certain things that are specifically excluded (too much to cover here) and a patent is valid for 20 years from the grant date.

Hopefully this is a useful overview but if you'd like further support with identifying and protecting your IP, drop me a line 📞

04/05/2024

Happy Star Wars day! 🚀💫

ℹ To mark the occasion I'm doing a themed post - Why Darth Vader needs a good business lawyer. Bear with me...

1. He has terrible employment practices

Darth Vader doesn't take much s**t from his staff, but we've learned from studies time and again that force choking people into submission is not a good leadership style. And of course it's in breach of almost every employment law.

A good business lawyer would have educated Vader and put in place clear HR procedures and policies to keep employees happy and minimise the risk of force-related law suits.

2. He uses dodgy contractors

We all know about the Death Star's thermal exhaust vulnerability which led to its destruction. We also now know that it was a rebel sympathiser who introduced the design flaw (Galen Erso) during construction.

A good lawyer would have helped Vader to vet his contractors thoroughly and put in place clear work / design standards, checks, and sign-offs. He could have also considered specialist planet-destroying weapon insurance, covering the risk of major design failures.

3. He can't negotiate

Everyone remembers when Vader tried to convince Luke Skywalker to join the dark side. He was so bad at persuasion that Skywalker literally chose death over accepting Vader's proposal. Not an ideal outcome.

A good lawyer would have trained Vader in effective dispute resolution and negotiation skills. He could have learned to uncover Luke’s interests rather than focus only on positional bargaining.

Maybe the saga would have ended differently...

There are probably loads more but I'm going on holiday on Monday and don't have time to rewatch everything (as much as I'd love to!).

❓ Any more reasons why Vader could have done with some good legal counsel?

As always, puns very much welcome!

01/05/2024

ℹ️Knowing the unknown unknowns...

When it comes to better decision making in your business, the former Secretary of Defense, Donald Rumsfeld, probably isn't the person you'd look to for advice. But he made some wise observations!

💭 Basically, he broke information needed to make good decisions into three factors, or categories:

1. Known knowns - things we know that we know. Easy stuff.

2. Known unknowns - things we know that we don't know. Maybe how quantum mechanics works? (if you do, well done!).

3. Unknown unknowns - things we don't know that we don't know. Read it again and let it sink in...

When it comes to business legals, you'll probably encounter all three but it's likely to be the unknown unknowns that will shaft you.

❓E.g. you might know GDPR places obligations on businesses but accept you don't know enough. You can ask for help with GDPR or get more information yourself. But what about PECR, which applies to direct marketing. Did you know about that? (Again, well done if so!).

Frankly I have literally hundreds of examples where businesses have dropped the ball because a mandatory legal requirement simply wasn't in their awareness.

The great thing is this - what is an unknown unknown to a business owner will likely be a known known to a lawyer. It really is a minefield but lawyers are able to 'issue spot' so easily because we know exactly what to look out for. It's our job!

💡I offer businesses a great place to start with SLL's legal audits. They deliver a high level legal roadmap for new and developing businesses, so you can tick off the essential legal bits as you go.

Get in touch if you want to know more 📞

And remember, you don't know what you don't know!

19/04/2024

Nice afternoon out at the Stockport hat factory.

Yes, we are that cool! 🎩👒🧢

31/03/2024

Brilliant day on Windermere lake burning off all those chocolate eggs 🥚 🚣‍♂️

Hope everyone is enjoying the bank holiday! 🎉

27/03/2024

📢 For those of you on LinkedIn, tomorrow is our first episode of 'Blokes With Beards Talking Business' 🧔‍♂️💼 ⚖️ 💰📊

❓What is it?

It's basically what it says on the tin - it's me, Chris Thompson, and Alan Broome talking all things business.

It's a LinkedIn Live event where you can ask us anything about running your business and we'll answer it. Or at least try to....

❓Who are we?

- Me: a business lawyer
- Chris: an IFA
- Alan: an accountant

(Yes I know it sounds like the start of a bad joke...)

Having experts from multiple professional fields means we're able to cover lots of different issues that regularly crop up for businesses.

We are also planning to have guests from time to time.

❓Who is it for?

It's for anyone who has a question on a legal/accounting/financial/general issue concerning their business and needs some guidance.

You can literally ask us anything! (within reason..) 💭

❓When is it?

The first session will be tomorrow (28th March) at midday. And the plan is to do it every week on a Thursday lunchtime for the foreseeable.

The first session will be 45 minutes but it may be extended or shortened in the future, depending on how much we get through (and subject to people actually turning up...).

❓How much is it to attend?

It's completely free!! 🥳 Yes, we are giving you access to a tonne of experience and knowledge for free. No catch.

❓How do we sign up?

We have created an event on LinkedIn - if you want to come along, drop me a message and I'll send you the info!

The format will be very simple: tell us you're coming, and then turn up and ask your question(s)👍

We are hoping to have a feature for people to submit anonymous questions in advance too.

Hopefully I'll see some of you there tomorrow! Any questions, drop me a line 👍

18/03/2024

❓ What are the differences between running a business as a sole trader and a limited company, and how do I know which is right for me?❓

I recently did a post on looking at one of the key differences between operating as a and a ; namely, that as a sole trader you are personally liable for business liabilities / debts.

💡 However, there are other differences which you should consider when making your decision, and I've set out some key ones below 👇

➡ A sole trader has a lower admin burden and can be more cost-efficient than a ltd company. The Companies Act(s) doesn't apply to sole traders, and they have no requirement to file annual company accounts. Overall, you may not need as much specialist accounting/legal support as a sole trader.

➡A ltd company can be viewed as a less risky / more professional trading partner. On the flip side, sole traders can offer a more personal touch.

➡Ltd companies have more options for raising money - they can give investors shares for money (equity) and use debt finance (e.g. bank loans). Sole traders can't use equity funding.

➡Sole traders must rely on their own personal credit rating but this may not be a problem if you have a decent personal credit rating.

➡A director of a ltd company is employed, but a sole trader is classified as ‘self-employed’. One consequence is that sole traders pay less National Insurance contributions but may also have less access to social security benefits.

➡With a ltd company you can split your personal income between a salary and dividends, whereas as a sole trader that option is not available. Be aware of different tax consequences and speak to your accountant!

ℹ Hopefully this info helps you to understand which option your business better. Remember though - you can always start as a sole trader and later transform into a ltd company as the business grows.

If you want any more info, or need support with your business formation, I am happy to help - so please get in touch 👍

17/03/2024

It's what everyone thinks of lawyers anyway ... thought I'd lean into it! 🦈

15/03/2024

❓ Does anyone like using corporate business jargon?❓

Having worked in big, corporate law firms for many years, I had the whole repertoire of business jargon... blue sky thinking, let's circle back, boots on the ground. You name it, we used it!

I typically dislike jargon but I have mixed feelings about terms like these. On the one hand, in the right context they're great for expressing more complex/wordy concepts quickly (assuming everyone knows what they mean!). On the other hand, they can be overused by management to sound important and avoid saying anything of real substance.

💡 Sick of the old cliches, I've decided to write my own business jargon terms. Feel free to steal them... although I have a suspicion you won't want to...

➡ 'Tickling the tortoise'

Streamlining the slow-moving parts of a project or team to get better results.

➡ 'Choosing humous over jam'

Making decisions that focus on the long-term health and sustainability of a business, rather than immediate short-term gains.

➡ 'Keeping a gun in the oven'

Developing a product, service, or policy that is not immediately deployed but is kept in reserve as a powerful response to a potential future scenario.

➡ 'Emptying the catheter'

Periodically eliminating waste, redundancies, or anything that hampers the flow of operations within a business.

➡ 'Catapulting the badger'

Launching a highly aggressive initiative aimed at disrupting the market or catching competitors off guard.

➡ 'Juggling lightsabers'

Carefully managing multiple high-risk / complex / volatile situations simultaneously.

I hope you enjoyed reading these as much as I enjoyed making them 😅

💭 What do you think? Will you be using them? Do you have any of your own you'd like to share?

Let me know in the comments 👇

13/03/2024

🤡 🤡

'Talk about burning loins...'

This tale goes back a few years, from my short stint in personal injury.

❓ We were acting on behalf of a major restaurant chain where customers could serve themselves. The claimant was a middle aged chap who, somehow, had managed to get really hot custard all over his nether regions!

Everyone involved was baffled (the claimant included I imagine). The claimant blamed the restaurant's procedures including that the custard was too hot, the jug was inappropriate, and there were no proper warnings, and so on.

❗ When we finally managed to get hold of the CCTV, it showed very clearly a man who (in this order):

- picked up a hot jug of custard

- grabbed his pudding to line it up with the custard pour (some careful planning)

- turned his head about 90 degrees to chat to his pal

- commenced pouring custard

- poured half a jug of piping hot custard all over his captain Johnson.

So you can obviously see the flaw in his custard pouring technique...!

ℹ The plot thickens (put intended) however because the custard was genuinely really really hot, and there should have been checks in place. We deployed the usual 'common sense' defence but given the costs/risks I recall we reached a commercial deal in the end.

A good lesson in keeping your focus on the right things though!

What do you think? Did this chap get his just desserts?

Do you have any similar wacky cases/stories? Why not pop them in the comments 👇

12/03/2024

❓ What is the best choice for your solo business - a sole trader or limited liability company (ltd company)?

I get asked this question a lot and the answer is... it depends. It depends on various things such as your long term goals for the business, how risky your business is, and how comfortable you are with the Companies Act 2006 (which, incidentally, has around 1,300 sections!).

💭 From a legal perspective, there are various differences but one that is a biggie for many business owners is protection from business losses and legal claims. This can be the deciding factor in many cases, especially if you are running a business which might expose you to large risks / liabilities.

ℹ As a sole trader, you basically ARE the business (without sounding too spiritual...). This means you can be held personally liable for business losses and claims against the business, because there is no distinction between your personal and business assets. You might end up funding business losses out of your own savings, pension, or house!

ℹ A ltd company has its own legal status, completely separate from the people who own/run it. You 'own' a ltd company by holding shares in it. As long as a shareholder has paid for their shares in full, they generally won't be required to cough up any extra. Third party contracts will be with the ltd company (not the owner(s)) and, crucially, personal assets aren’t at risk if the business gets into difficulty.

💡 So a ltd company can be a great choice for riskier businesses, or in situations where you want a clear separation of personal and business assets.

However, owning/running a ltd company comes with a lot of added formalities, so you need to carefully weigh that up. I will touch on those formalities and other key differences in future posts.

I hope that's helpful and if you have any issues related to your business formation, let's have a chat👍

Straight Line Legal

03/06/2024

20/05/2024

04/05/2024

01/05/2024

19/04/2024

31/03/2024

27/03/2024

18/03/2024

17/03/2024

15/03/2024

13/03/2024

12/03/2024

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