Help For Small Business In UK - The Pros And Cons Of No Win No Fee Legal Help
Help for small business in UK can make all the difference when it comes to starting a business. First time – and even experienced – business owners can often feel lonely and overwhelmed, so having somewhere to go for advice is essential. Legal advice is extremely important; should you try a no win no fee operation?
Small businesses are often left in a position where they have to chase up debts. Using a ‘no win no fee’ solicitor means exactly that: if you don’t win the case, then you won’t have to pay any legal costs. It sounds like a great idea as there is little risk to you, the business owner. But what are the pros and cons of an arrangement such as this? One major advantage of using this system is that it opens up the justice system to everyone, not just those who have a lot of money behind them. This means that small businesses can more easily recoup their losses. It also reduces the risk of having to pay out despite not receiving any money back from your debtor. If you do win, the fee payable is taken as a percentage of the money won, rather than being worked out on an hourly basis as some solicitors do. This means you will definitely be able to pay the costs. Small business advice UK will always recommend looking at both sides, however. One of the disadvantages of no win no fee is that the percentage to be paid can be high – perhaps as much as 25 percent. You should always consider the pros and cons of any service before you buy into it if you are aiming to understand how to be successful in business.
For more information on legal matters, financial issues, or anything else relating to help for small business in UK, please contact I-Thrive on 01223 967260, or through https://www.i-thrive.co.uk/. Our many years of experience in the small business sector has given us insight into how to offer the best advice.