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Setting up a new business
Setting up a business can be a daunting process. Before you get started, you first need to think about what might be the best business structure for you.
Many of course opt for a limited company, the main benefit being the limited liability it offers its shareholders against creditors. Partnerships do not offer the same protection to partners, but they are answerable only to themselves. They are not beholden to external shareholders, Companies House formalities or the need to publicly disclose financial information.
A compromise might be a limited liability partnership which is, in simple terms, a hybrid of the two. If offers limited liability, but also some of the flexibility afforded by a partnership.
A limited company or limited liability partnership creates what is referred to as a separate legal personality. The limited company or LLP exists as a legal person- it can enter contracts, own property and incur debt.
Depending on the size of the business, and how much time and resources you alone are able to commit to it, you may be content as a sole trader. You will be the only decision maker and will receive all the profits, but conversely also be liable for all of the debts.
It may also be that you are a charity or not-for-profit organisation, both of which we can also advise on.
Assuming you choose a limited company, will it be limited by shares or limited by guarantee? Assuming shares you will need to decide how many shareholders, how many shares and what class might they be? How many directors should you have and who should they be? In what capacity do you yourself want to act?
What about the company articles? That is the articles of association which every company must have. It is essentially the internal rulebook governing how the company will be run. You can adopt precedent articles, adapt precedent articles or create your own. We can assist with the drafting of these to ensure that every eventuality is covered.
Have you yet thought of a company name? We can help you to check whether a name is already in use, allowed or if approval is needed?
We will provide you with detailed guidance and assist you every step of the way. We can prepare all associated documentation you need to incorporate and register your company and help you with sourcing other professional advisers such as accountants, commercial insurance brokers, and banks.
Further we can also advise on the running of the company once it is set up, to ensure it is compliant with the Companies Act 2006, the key legislation governing company law, and that you are up to date with all of the necessary Companies House filings.
Companies need to for example submit their annual accounts every year and file a confirmation statement confirming that the information Companies House holds is accurate, and to notify them of any changes.
David Cammack
Solicitor and Notary Public
“It really means a lot to us to have someone we like and can trust backing us up in the way you do”
Matters related to setting up a business –
Depending on your circumstances you may need advice for various reasons such as:
- Shareholder Agreements
- Partnership Agreements
- Intellectual Property
- Setting up a limited liability company
- Setting up a partnership or limited liability partnership
- Terms and conditions of trade whether B2B or B2C, and website terms of use
- GDPR compliance and privacy policies
- Other compliance issues
- Contracts with suppliers, agents or distributors
- Employment contracts, staff handbooks and HR issues
- Directors’ service agreements
For more information on setting up a business
Please complete our contact us form at the top of this page, email [email protected] or feel free to call us on 01206 577676.