Setting Up A Business
Often when entrepreneurs have an ambitious and exciting business venture in mind, the last thing they want to deal with is the setting up of the business and arranging the funding. However, these are necessary elements required for the business to function properly.
There are four main structures that you could adopt:
- Sole trader
- Business partnership
- Limited liability partnership
- Limited liability company
We do not advise sole traders, as such style of trading is limited as far as our clients are concerned. However, our corporate 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.