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Start-up businesses could lose out on crucial investment by not preparing a legally compliant business plan, the Law Society has warned.
As lenders continue to tighten restrictions on borrowing as a result of the credit crunch, Law Society president Andrew Holroyd has advised budding entrepreneurs to equip themselves with a coherent business plan.
Business plans that do not comply with the UK's numerous business laws encompassing finance, health and safety, employment and tax laws and regulations, may well be overlooked by banks and other investors, he said.
"No bank manager or other investor will want to put up the capital for a business which will look certain to fall at every legal hurdle, so it makes sense to impress them with a plan which, from a legal point of view, is as sound as a pound," Mr Holroyd said.
"Sadly, innovation and the opportunity to develop new business are sometimes seen as dampened by a suffocating catalogue of laws.
"Many of those laws are essential, and whether you like them or not your business needs to comply with them, so you need to have every base covered in your plan."
