When starting a business it is vital that you have the right business /legal structure in place to suit your business.
It is also essential to have the right business contracts and legal documents in place to protect yourself and the business.
The commercial lawyers at ACUMEN BUSINESS LAW can help you make the right decision on which type of business structure is best for you and your business. To discuss starting a business, business set up/legal structure or any other legal matter with one of our commercial solicitors Book a Free Legal MOT.
If you operate as a partnership we recommend you have a Partnership Agreement in place to ensure your partnership is not governed solely by the old Partnership Act of 1890(!)
If you set up a limited company, you will need to have in place Memorandum & Articles of Association and, if there is more than one of you, we recommend that you have a Shareholders’ Agreement in place to implement some of your decisions, you will need to pass some Company Resolutions and draft the relevant Minutes.
A Limited Liability Partnership (LLP) shares many of the features of a normal partnership – but it also offers reduced personal responsibility for business debts. Unlike members of ordinary partnerships, the LLP itself is responsible for any debts that it runs up, not the individual partners.
It cannot be emphasised enough how important it is that you have these legal documents in place at the outset- when everyone is keen and enthusiastic about the new venture. It is extremely difficult to reach an agreement at a later stage, particularly if there are any disagreements.
“We have used Acumen Business Law several times, not once have they failed to deliver the right result. Highly recommended.”Kevin Byrne, Checkatrade