This page contains a Flash digital edition of a book.
20/20 T H E C OMMU N I T Y


NEW YEAR, NEW YOU,


by ADVOCATE JAMES LAWRENCE PROPERTY PARTNER Viberts Jersey Lawyers


New Business


New Year’s resolutions Over Christmas and New Year we relax. It’s a holiday but it is also a period when we take stock and make resolutions that the coming year will be better than the last. Can life be different? Can it be better? Can I change?


It may be the starting point to give up smoking or stop chewing nails.


On a more serious note it may be a time to reassess your career. The New Year is often the time when we make a decision to make a change and, in some cases, go it alone. Will you make the break? Would you be willing to make a leap and leave your job to start your own business?


Looking before you leap Running your own business is rather like being in a yacht at sea – you have complete freedom to steer your boat in any direction – you can go as fast or as slow as you like but


you could also steer in the direction of an iceberg. Before you think of anything else, you must consider your plans carefully. Giving up the security of a job must be balanced against the freedom of working for yourself.


You must prepare a business plan. Think about what demand there will be for your product/service, how you will pay the bills and most importantly how you will pay yourself. It may take time to establish your business and for a cash flow stream to flow properly. If you borrow money then you must be confident that you can pay it back.


Not all loans are the same so shop around for the best deal.


If you have made your mind up that you will make the jump and start your own business then the following will help steer you a course between the icebergs.


Regulation of Undertakings The States control businesses in Jersey under a 1973 law called the Regulation of Undertakings and Development (Jersey) Law, 1973. All new businesses must apply for permission to trade and consent will only normally be given to people who have been in the island for 5 years or more. Under the same law the States control who may be employed by the business. You will need to have permission before you start up.


Linked to the permission you must think about whether you will use a company to trade or perhaps a trading name. Both require consent from the Financial Services Commission.


A company may be a useful safeguard against business failure as liability is limited but this must be balanced against the ongoing administration costs.


20:20 96


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56  |  Page 57  |  Page 58  |  Page 59  |  Page 60  |  Page 61  |  Page 62  |  Page 63  |  Page 64  |  Page 65  |  Page 66  |  Page 67  |  Page 68  |  Page 69  |  Page 70  |  Page 71  |  Page 72  |  Page 73  |  Page 74  |  Page 75  |  Page 76  |  Page 77  |  Page 78  |  Page 79  |  Page 80  |  Page 81  |  Page 82  |  Page 83  |  Page 84  |  Page 85  |  Page 86  |  Page 87  |  Page 88  |  Page 89  |  Page 90  |  Page 91  |  Page 92  |  Page 93  |  Page 94  |  Page 95  |  Page 96  |  Page 97  |  Page 98  |  Page 99  |  Page 100  |  Page 101  |  Page 102