Setting Up A Business
As an entrepreneur with an ambitious and exciting business venture in mind, the last thing you want to deal with are the legalities of incorporating your business and arranging the necessary funding. However, these are necessary elements required for a successful business to function properly.
Possible business structures
When constituting your business, there are four main structures you can adopt:
- You could operate as a sole trader;
- You and a business partner could form a business partnership;
- A slightly more formal option, you and said business partner(s) could form a limited liability partnership; or
- The most form option, you can create a limited liability company.
Whilst we do not advise sole traders, our corporate and commercial team are specialists on all components of business structures and accordingly can guide you through the options and advise you of the best option for your venture and advise of the legal issues involved in funding and setting up a new business structure. By way of example, it is important to consider how the company would protect its intellectual property rights (if any).
Other issues which one would need to consider are whether:
- a shareholders’ agreement or partnership agreement is required?
- if you have employees, is your business compliant with employment law? Our employment team would undertake an extensive review and provide guidelines on what may be required.
There are a great variety of issues to consider, however our corporate team would extensively review your business plan and/or spend time listening to you about your business plan and business requirements and then advise of the potential issues that need to be addressed.