Sam Lyon, Head of Corporate & Commercial at our Network Partner Cartmell Shepherd, has shared a useful tip for family businesses in a post Brexit world.
He has advised that businesses should already have their property insured and have contracts in place with suppliers and customers for the sale and purchase of goods, but it is also important to protect your ideas, services and products.
Assets that cannot be seen – including design rights, patents, trademarks and copyrights – have immense value to businesses and can be protected.
They are known as ‘intellectual property’ and there are steps you can take to ensure that you have exclusive control to utilise and exploit these assets for your benefit.
At the current time it is unclear whether trademarks registered in the EU would be applicable to the UK in the future.
If you own any intellectual property rights, Sam has advised that you check with your solicitor to ensure you will be protected from 1st January 2021.
Cartmell are here to help
Brexit brings with it many changes and it’s important to take the necessary actions to protect your business and ensure you can continue to trade.
If you are looking for guidance and advice that is specific to your family business and circumstances, please contact Sam on 01228 585714 or drop him an email at email@example.com.