The new PSC obligations provide additional obligations on UK companies and are designed to capture the identities of individuals and legal entities that have control over UK private companies, whether directly or indirectly. In order to comply with this, each company will need to ensure that it keeps a record of all shareholders (whether individuals or companies) which are considered to have significant control over the company. The company will also need to ensure that this information is provided to Companies House on the submission of its confirmation statement (the document which has recently replaced the annual return).
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Selling your business is one of the biggest decisions a business person can make. Handing over “your baby” is always going to involve mixed emotions and a lot of considerations – not least the kind of buyer you want to take over the business. An option we have seen some clients explore is selling to a private equity investor as opposed to a more “traditional” sale.
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In an era where technology is reshaping industries, businesses are finding themselves at the crossroads of innovation and responsibility. As a forward-thinking law firm, we understand the transformative power of Generative Artificial Intelligence (A.I.) and how this can be integrated into a business and its current practices. We are also aware of the potential grey areas and pitfalls working with A.I. may have, and why it there may be a critical need for businesses to implement comprehensive A.I. policies.
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Business owners and employees alike should be prepared for what to expect when expecting in the workplace as redundancy and maternity laws are changing.
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