Legal Advice on Coping with Recession - by an experienced solicitor

SMALL BUSINESSES AND COMMERCIAL PROPERTY

No-one in power really seems to care that all over the country our pub landlords are being evicted and their pubs closed. Part of our heritage is dying. How can small business survive and new ones start with fear in the air?

Borrowing: Banks will lend to a sensible business plan. The Chancellor has said that banks have the funding to lend at 2007 levels. Solicitors know their banks well and can help.

New business: Look also at Angel funding and venture investment. The key is having a good business plan and ideally something unique in the area. Your business plan should include whether you will be a sole trader, partnership, or limited company, details of solicitors and accountants, trade name, relevant trading or licensing compliance, staffing proposals, terms of trading, insurance and tax information. Budget for a large proportion of unexpected cost.

Arrears of Rent? Ask your landlord for a temporary reduction in rent and ideas to supplement your business. Does he want an empty building? Take advice on your lease terms and on planning permission. Farmers entered the holiday business when their traditional income came under threat. If you face eviction and are served with notice take advice on an application to the court for relief from forfeiture.