A business can be run through a variety of structures, typically sole trader, partnership or limited company.

Looking at the key question, whether or not to incorporate, there are pros and cons:

Partnerships can be more flexible, but involve potentially unlimited personal liability.

Key financial information about a limited company must be in the public domain.

Directors can face personal liability in some circumstances.

A Few Points to Think About

A hybrid structure is possible:  a limited company can be a partner.

Limited liability is only effective protection if you provide the public with key information.

A partner may be saddled with personal liability after leaving the business unless the correct steps are taken.

We are happy to assist anyone setting up a business or thinking about how it might be re-structured, or who wants to know more about the implications of using their present structure.

Contact us:

Tassells Solicitors
20 West Street
ME13 7JF

T: 01795 5333337
E: law@tassells-solicitors.co.uk

We are open Monday to Friday 9.00 am to 5.30pm, Saturdays 9.30am to 12.30pm