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
Faversham
Kent
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