Veitch Penny LLP - Exeter | Crediton, Devon

Unpaid debts are a problem for both big businesses and private individuals.  In today's economic climate it is particularly important to ensure that you are paid whatever money you are legally entitled to.

For businesses, one way of minimising the number of debtors is to have an up to date set of Terms & Conditions however at Veitch Penny we understand that there are occasions when our clients are left with no option but to initiate legal proceedings in order to recover debts.

At Veitch Penny we are aware that pursuing debtors is often an economic decision for our clients; is it worth spending the time and money chasing a debtor for payment! This is why we offer a free first half hour consultation where we can discuss issues such as the likely costs of litigation and in the event that we are instructed to commence legal proceedings we seek, where possible, to recover not just the money outstanding but also interest and our own legal fees.

We find that many debts are recoverable without the need to actually commence legal proceedings however it is inevitable that in some circumstances our clients are left with no option but to seek to recover what they are owed through the Courts.  In this respect Veitch Penny have experienced lawyers who are able to advise on debt recovery, whether by making a claim at Court or by initiating Insolvency proceedings against the debtor.

If you have any unpaid debts and would like to discuss what options are available to you then please call us on 01392 278381.

The first decision you will have to make is your choice of business medium.  We are able to advise whether you are best suited to trading in partnership, as a sole trader, within a Limited Liability Partnership or a Limited Company. 

Among the factors to consider when deciding which business media suits your needs are the initial expense, the risk of capital, preferred management structure, publicity and taxation.

Once a decision has been made we can then it is important that you have all the necessary help you with the initial stages of the venture.  Depending on your own circumstances and your choice of business medium it will be necessary to build your business around your own needs. 

In the case of a Limited Company this can be done by amending the Articles of Association or by putting in place a Shareholders Agreement.

With a partnership you can regulate the business in a written agreement called a Partnership Agreement.  Similarly, for Limited Liability Partnerships you may need a Limited Liability Partnership Agreement.

It might be that instead of setting up a new business from scratch you are able to buy an existing one.  In the case of the purchase of a business that is run through a Limited Company this can be done by buying the shares in the company or by buying the business itself from the company. Either way, Veitch Penny is able to offer expert and affordable advice on the buying or selling of a business.

A joint venture occurs where a number of different businesses decide to work together with a common aim.   This can be done by setting up a new, separate Joint Venture business or by agreeing on exactly how the two existing businesses will work together in a specific way.  Either way, if you feel that your business could benefit from working together with someone else’s then it is important that you put in place a legal agreement that regulates how you the joint venture will work.

We are able to advise and assist in the setting up of Joint Ventures so that you are given the best possible opportunity of succeeding with the venture.  We will also make clear from the outset what provisions are in place to avoid disputes over matters such as the sharing of income, the sharing of loss and the termination of the venture. This way expensive disputes can be avoided, saving you both money and time.

These are agreements between shareholders about how their company is to be run.  They can contain, for example, an agreement on how the shareholders will vote on certain issues at company meetings.  A shareholders agreement is therefore a useful way of protecting the interests of the different members of the company.