Entrepreneurs recieved useful advice at the Bermuda Small Business Development Corporation's (BSBDC) first legal seminar yesterday.

On hand were experts from Coldwell Banker, Rego Realtors, King & Associates and Attride-Stirling & Woloniecki offering advice that can cost $400 an hour — for the small registration price of $50.

The professionals talked to more than 50 small business owners through various process such as lease agreements, purchasing a business and the value of a good location.

They also heard about the benefits of incorporating, such as the limited liability it provides, which means shareholders and owners are not liable for the debts and obligations of the corporation when it is sued or goes bankrupt.

Summer interns at the Attride-Stirling & Woloniecki firm also provided local examples of companies that were held liable various incidents including a family dispute within a company that was not incorporated, which ended up costing one cousin $10,000.

Another example was a grocer sued after a woman slipped on its floor. The judge ruled the "degree of waxing or polishing of the floor... created a dangerous condition which caused harm to the customer". Because the company was incorporated the owners did not have to pay the damages awarded or legal costs of the complainant.

Two young men, who own All Terrain, an excavation and construction company, said they found the seminar useful and said the Bermuda Small Business Development Corporation has been invaluable to them.

Kyle Ingham, 23, said: "They have really been a big help for us. We have been in business for two years and just incorporated three months ago, so some of the stuff mentioned today we already knew.

"Everyone at BSBDC has been really helpful, and these seminars are very informative. Things are starting to look really good, we've been picking up contracts at White Hill Cricket Club, with Belco and CableVision. Things are going great!"

His partner Kenneth Butterfield, 29, echoed Mr. Ingham's sentiments and urged all entrepreuners, especially young ones to visit the BSBDC.

"I was surprised there weren't more young people here," he said. "There are a lot of young entrepreneurs out right now in Bermuda trying to open up new businesses. I think they should really take advantage of (BSBDC)." The young men are also hoping to benefit from Economic Empowerment Zone legislation which grants tax breaks to entrepreneurs in North Hamilton, their office is on Inghams Vale in Pembroke.

BSBDC general manager Michelle Khaldun said: "I thought the advice given was wonderful. We are very pleased with the turnout, which is bigger than our previous seminar.

"There were a lot of questions from people, and it is important that entrepreneurs realise the value of a good location and the importance of getting legal advice, particularly if they are thinking of incorporating or are entering partnership agreements."

BSBDC was established in 1981, capitalised by both the government and the local banks. Since then it has assisted thousands of entrepreneurs start and expand small and medium-sized businesses and achieve success.

It offers free technical business advice and information, and the provision of loan guarantees for those business owners who require collateral for business loans. BSBDC can guarantee up to 50 percent of your business loan, not exceeding $200,000.

The next seminar will be held in November.