PROPERTY: The Legal Sixpack with Law Firm Owner, Investor and Developer Tim Bishop

In this episode, Rob sits down with Tim Bishop of Bonallack & Bishop solicitor to talk about what he calls “The Legal Sixpack.” The essential documents that every property business owner or developer needs to have in place to safeguard their business. Tim is also a developer, so understands first-hand the potential pitfalls of buying, developing, and running properties. Plus, of course, his work as a solicitor provides him with further insights into potential issues and how having the right legal documents in place mitigates most of the risks.

KEY TAKEAWAYS

Look at having the right contracts as a form of insurance. You hope you never need them, but if you do, you will be glad they were there.
You need an up-to-date will. What do you want to happen to your business should you die?
Getting a will is an essential part of long-term planning for a business.
Lasting powers of attorney are essential to allow someone to make decisions about your business if you are incapacitated.
You always need an exit plan.
Protect your intellectual property e.g., your website.
If you have staff, you do need an employment contract.

BEST MOMENTS

‘These documents, however boring, are essential.’

‘Only 70% of people have valid, up-to-date wills.’

‘You always need a plan B.’

EPISODE RESOURCES

Bonallack & Bishop contact details

Mainline: (01722) 422300

Website: https://www.bishopslaw.co.uk

Email: enquiries@bishopslaw.com

Linked in: https://www.linkedin.com/company/bonallack-&-bishop-solicitors/

Facebook https://www.facebook.com/BonallackandBishop

Tim Bishop email: tim.bishop@bishopslaw.com

ABOUT THE HOST

Rob Smallbone the host of The Property Nomads Podcast, is on a global mission to guide your success. Success can happen in many ways, shapes, and forms. Think about what success means to you. More properties? More clients? Financial freedom? Time freedom?

Rob wants to make a huge difference to people around the world. He is here to guide your success in property, business, and life and to inspire you to achieve your goals, dreams, and visions. He's travelled, explored, and invested. And he's not planning on stopping these activities anytime soon.

Buckle up, sit tight, and enjoy the ride that is life.

BOOKS

Buy To Let: How to Get Started = https://amzn.to/3genjle

101 Top Property Tips = https://amzn.to/2NxuAQL

Property FAQs = https://amzn.to/3MWfcL4

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