Corporate/Company
Our commercial department is also involved in setting up companies limited by shares and advising on buying and selling businesses. We also advise on amendments and implications of memoranda of association and articles of association. We assist businesses in purchasing other businesses whether incorporated on unincorporated.
We provide advice from a legal and practical view on how you wish to
structure the new business. The most common entities are:
• Sole Traderwhich gives you the independence to make your own decisions and keep all the profits you make however you will also be personally responsible for any debts run up by the business. This means that any personal possessions such as your home are at risk to anyone you owe money to.
• Partnership
allows the business to benefit from a range of skills and experience that the partners can
bring. Partnerships should be protected by a Partnership Agreement. It is always better
to get off on the correct footing knowing exactly what the position of each Partner will be.
We are happy assist in preparing such an Agreement. Any money you owe to lenders or
other debtors can be shared equally amongst you but in any event you will still be personally
liable for the debts of the business
• Limited Liability Partnership
is similar to a partnership except that the liability of the partners is limited to how much was
invested. This means that if you and your Partners put £1000.00 into the business then
regardless of the amount of your debts you will only stand to lose the £1000.00. Your home
and possessions will not be at risk. We are happy to set up a Limited Liability Partnership at
Companies House for you.
• Limited Liability Company
your personal financial risk will be restricted to how much you
invest in the business and any guarantees you have given in order to obtain financing.
You will be a Director or Directors of the Company and the Company will trade in its own
capacity. So you will not be personally liable for the debts of the company. There are
various other legal duties on companies to maintain public records etc which we can advise
you on. We can also set a limited company up for you.
