Businesses must ensure they comply with all legal requirements. Below are some of the most important considerations for any business:
- Any professional regulator (e.g. the Financial Conduct Authority ‘FCA’)
- Finance regulations including tax, payroll, HMRC, accounting, record keeping regulations, companies house, anti-money laundering regulations
- Employment law and workers’ rights
- GDPR / Data Protection compliance including websites, data storage, data systems, password controls, policies, to name but a few
- Contracts and agreements with third parties
- Sector specific permits, licences, permissions
- Health & Safety for workers and visitors to your offices/site
Researching the laws which apply to your business / sector can be incredibly daunting. For many it is a should not a must. The good news is that there has never been so many free resources to find out information which applies to your business.
Many people we know have suffered by either a) taking over businesses and assuming the practices and systems in place were complaint and/or, b) creating a new business using the same practices and systems in place at their former workplace only to find they are not compliant.
You can locate free information to assist you and your business in the following places:
- The Government provide a phenomenal amount of information for businesses generally and sector specific queries. https://www.gov.uk/browse/business
- Legislation can be located for free at http://www.legislation.gov.uk/
- Be careful using search engines. However, many solicitors and legal professionals have provided content and information for free. Do not rely on this solely but it can provide a quick foundation for you to start from. Remember some of the information may be out of date or even incorrect so proceed with caution on search engines
- Sign up to our latest updates and blogs newsletter. Our panel solicitors will be working with us to provide free resources for businesses via The Business Legal Club. YouTube presentations, webinars, blogs and information will be provided for free
- If you need legal advice then contact our highly recommended solicitors via The Business Legal Club. No-obligation quotes and support will be provided by our industry leading panel solicitors
Outsourcing is a vital solution for every business. Decisions over which areas to retain internally and which to outsource vary from business to business but one thing that can never be outsourced is overall responsibility.
If you are regulated, e.g. by the FCA, you can of course outsource your compliance and take various steps to utilise highly skilled compliance teams to ensure your systems, controls, training and policies are of a high standard. Unfortunately, though when things go wrong this is no defence and whilst separate legal action may be viable overall regulatory responsibility falls with the business owners.
Whether you are regulated or not the same is true of HMRC responsibilities, GDPR, and employment law to name but a few.
The areas of your business which you perform internally should be audited by a third party at least once a year to ensure compliance.
The areas of your business which are outsourced need to be carefully monitored. How can you be certain your outsourcing partners have maintained your legal compliance? We have seen many examples of businesses who have been let down by their outsourced partners thinking they were compliant with the law / a regulator and unfortunately being left exposed.
This does not mean you should never outsource of course. When outsourcing we would recommend:
- Careful selection of outsourcing partners
- Close attention being paid to the terms and conditions. Do not be afraid to alter the terms and conditions and ensure they are as favourable to you as possible.
- Ensuring your internal key personnel are trained, have the right resources, and time to review and sample check the work of outsourcing partners
- Annual audits of your outsourced partners work either internally or by a n alternative partner in the profession
- Seek feedback from industry peers, friends, and associates on their recommended partners
To ensure legal compliance in any business a combination of internal and outsourced solutions is best practice.
Ensuring the business leaders and key personnel have the required training, support, and time allocated is crucial. Ensuring that internal audits and checks are performed on outsourced areas is also of high importance to prevent third party errors damaging your business later down the line.
There are invaluable free online resources which provide the foundations for any business to ensure compliance.
Utilising third party software, systems, and processes can be hugely beneficial. Selection of key partners and ongoing reviews of their performance, compliance, and value for money is an absolute must. Trust your instincts and do not shy away from challenging supposed experts from third parties with famous brand names behind them.
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Our management team have decades of experience of running businesses. From new start-ups, to microbusinesses, to multi-million-pound turnover businesses we have seen it all.</p?
Of course we have learned as much from the mistakes as we have the successes especially where legal partners and outsourced business solutions are concerned.
We wanted to put our experiences, contacts, and research in various sectors to good use. That is why we created:
The Business Legal Club provides businesses with:
- FREE access to recommended leading business solicitors – members receive discounted legal fees!
- Online legal documents and processes in HR, employment, debt, contracts, invoices, commercial areas
- Pay as you go or monthly subscription packages
- Internal HR and employment solutions
- Outsourced HR and employment solutions with specialist solicitors
- FREE access to highly recommended business partners
- FREE & no-obligation quotes from our cherry-picked partners for any area of business where you need external support
- Key partners not limited to but including, forensic accountants, self-employed accountancy solutions, website development, social media management, marketing, lending including unique interest only no PG lending options, executive training, IT support
- Solutions tailored to your business needs – whether you employ 2 people or 2,000 people we have an array of options suitable for your needs
- Procurement support – if we do not have the services you require we will search the markets to find the support you require
- Discounts. Members of The Business Legal Club and The Employee Benefits Club receive discounts from our specialist partners
Learn more how we help businesses via:
- The Business Legal Club – alternative HR packages to suit every business including commercial, debt, and HR solutions. This is a must for any HR professional as we offer internal and outsourced solutions to suit businesses of any size
- The Employee Benefits Club – unique benefits for employees
- The Business Services Club – FREE to access business brokerage for your every business need