Small Businesses and Sole Traders
A great many RICS members are set up as sole traders or work for small businesses. Like employed members who are made redundant, members with small businesses can experience difficulties due to changes in economic conditions.
We can't provide financial support to meet business debts but we may be able to provide short-term financial assistance to members with small businesses who run into financial difficulties, and who may need some financial support with their personal living costs.
Each case will be different, and we will look at the circumstances of each case on an individual and flexible basis. We can also offer a range of other emotional support at what can be a difficult time.
Sometimes small businesses may be experiencing problems that could have regulatory consequences for the member. RICS can provide advice on the following:
We can't provide financial support to meet business debts but we may be able to provide short-term financial assistance to members with small businesses who run into financial difficulties, and who may need some financial support with their personal living costs.
Each case will be different, and we will look at the circumstances of each case on an individual and flexible basis. We can also offer a range of other emotional support at what can be a difficult time.
Sometimes small businesses may be experiencing problems that could have regulatory consequences for the member. RICS can provide advice on the following:
- Professional indemnity insurance - what to do if you are having difficulty in getting insurance
- Clients' money - managing clients' money or what to do if it is at risk
- Conflicts of interest - what to do regarding potential or actual conflicts
- Ethical dilemmas - help with ethical standards for members and their firms (for more information on RICS Professional Standards and Ethics please refer to the RICS website).
- Insolvency - signposting to professional advice on solvency matters, how it affects your membership and regulatory status
- Conduct of other members and regulated firms - what you need to do
We may also be able to talk you through what to expect if your RICS membership may be affected.
