Agriculture FAQ's

Starting your own business is an exciting and interesting time, but it is essential that you embark upon that journey having made all the necessary preparations and developed a strategy for the business. Our top 10 tips for those embarking on a new venture are:-

• Prepare a Business Plan.
• Formalise realistic financial projections.
• Get professional advice from Solicitors and Accountants before you start.
• Get the support of your Bank and funders.
• Obtain whatever grant funding is available to get your business launched. Many Local Authorities, Business Enterprises and Trusts provide support/grants for the launch of many different entities.
• To fail to prepare is to prepare to fail. The old adage is never truer. In the event that your preparations are comprehensive and you have considered all of the hurdles that might arise, at least in the first year of business, this will stand you in good stead to cope and your business to survive when these hurdles appear on the horizon.
• Start small and grow at a pace you can manage. While rapid expansion can see a huge increase in revenue for the business, in the event that this arises at the expense of quality either of product or service, then failure and collapse will be just around the corner.
• Surround yourself with the best people qualified to help you deliver the business objectives. You can’t do it all yourself!
• Identify your KPI’s and continually monitor their performance.
• Enjoy it.

There is no requirement for any Partnership to write a Partnership Agreement,. In the event that no Partnership Agreement is signed off between the Partners, then the Partnership Act 1890 will dictate and regulate the relationships among the Partners. Whilst this historic Act can provide the basic framework for a Partnership, it is very often unsuitable in modern practice for the business relationships which Partners wish to enjoy. It is always advisable to have in place a Partnership Agreement to set out the obligations, rights and benefits that Partners will enjoy from the Partnership.

In any Private Limited Company it is open to the Shareholders to regulate the relationship among them by producing a Shareholders Agreement. This is very common and advisable in Private Limited Companies. This can regulate very important issues among the Shareholders such as:-

• The obligations of the respective Directors and Shareholders.
• The Dividend Policy of the Company.
• The amount of capital which will require to be contributed on subscription by each Shareholder.
• The method of transfer of shares in the event that one Shareholder wishes to exit.
• Transfers of shares on death and incapacity.
• The method of valuation of shares in the event that transfer is to be effected for any reason.
• Restrictive Covenants for Shareholders to regulate their activities after exit and to prevent, for instance, competition with the Company after share sale.

We can advise on all aspects of preparing a Shareholders Agreement and put this in place for you.

Where you trade as a Limited Company or LLP, a creditor may require the Directors or members of a business to sign Personal Guarantees to guarantee the debt of the Limited Company or LLP. This will mean that in the event of insolvency, whilst Limited Liability protection is provided by the Company, the Directors will be personally liable for those debts for which they have signed a Personal Guarantee.

A Power of Attorney comes into effect in the event that you suffer some form of incapacity, for example a stroke or dementia. The Power of Attorney tells everyone who you want to manage your money and help you with your care if you cannot make these decisions yourself. The alternative to a Power of Attorney is an Application for Guardianship which is far more complicated and expensive. Please contact our reception to make an appointment with one of our Executry solicitors to discuss the options available to you.

At The McKinstry Company we understand how difficult bereavement is. One of our experienced solicitors can handle all aspects of your loved one’s estate. Please contact our reception to arrange an appointment.

If someone has passed away without leaving a Will, the estate remains to be divided in terms of the Law of Succession in Scotland. It is important that you seek the advice of a qualified and experienced professional to assist you in dealing with the estate. Please contact our reception to arrange an appointment with one of our Private Client team.

Our solicitors will confirm the cost of our service when they meet with you. This will depend on what service we provide, though we do offer a number of funding options for all clients and can provide details on request. In many cases, we can offer an initial consideration of your circumstances without charge.

We can provide an initial meeting at home for our disabled clients and for those whose injuries prevent a meeting taking place at our offices.

We do not offer Legal Aid for this type of work and charge on an hourly rate basis. Please contact our Litigation team to arrange an appointment with one of our solicitors, who can advise you of the costs you might expect to incur.

No. Children have a right under Scots Law to a certain amount from your estate but this doesn’t apply to property.

Contact us and we will discuss the offer with you and submit it formally to the Seller’s solicitor or agent.