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Invoicing and payment terms – has your business got them right?

If getting paid on time is a growing problem for your business, is it time that you reviewed your invoices and terms and conditions to ensure that they are not leaving you open to the risk of bad debt?

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Payment terms in your commercial contracts

When you extend credit to a customer it is very easy to forget that it is the same as handing over cash. In order to preserve and protect the financial health of your business, it is vitally important to ensure that you regularly review and update your contractual terms with your customers, suppliers and contractors. This will ensure that your contractual relationships grow and adapt alongside your business. A new business, of course, will do very well to have a robust set of terms and conditions at the outset.

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Appointing a new director

As your business grows and evolves, you may wish to bring new directors onto the board to reward and secure key members of staff or to bring in new skills and contacts from outside your business.  In either case, the appointment of a new director to the board of your company is not as straightforward as it may seem.

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Understanding your duties and liabilities as a company director

Aside from the obvious duties such as filing reports at Companies House, there are numerous other obligations placed upon company directors.  If you fail to comply with your duties your position on the board may be under threat, as you can be held liable by the company and in some circumstances by minority shareholders.  In the most serious of cases directors may be disqualified or face criminal sanctions.

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