There are many things to consider when starting your own business, but one of the most important issues to discuss is the nature of your proposed company.
Partnerships and Limited Liability Partnerships (LLPs) are the most common type of small business, with many existing firms choosing to convert to LLPs in the wake of the Limited Liability Partnerships Act 2000. Each type of company brings its own advantages and disadvantages, as it puts different demands on the owners in terms of tax liabilities, legal responsibilities and protections of personal assets. Braddon and Snow’s Company Commercial team can advise on which business structure would be most appropriate for your firm, and provide ongoing legal support throughout the process of forming your company.
Partnership and Shareholder Agreements (click to view?)
One stage in the process of forming a company is the drafting of partnership or shareholder agreements. These agreements are complex and detailed, and it is important that you gain specialist advice to ensure that all parties agree on the fundamental issues. Partnership or shareholder agreements should state the intended structure of the business; clarify who holds what decision making power and lay out the provisions for what would happen to the company in the event of the death of a partner or shareholder. We can also assist in the drafting of a range of other documentation, including Articles of Association and Loan Agreements.
Every company is different, with different aims and objectives, so the team at Braddon and Snow aim to ensure that you are given a personalised service which is focused on the needs of your business. We aim to build long term relationships with our business clients, which last far beyond the formation of our firm. As a part of this commitment, we are able to provide support for businesses which aim to restructure, and can provide detailed and practical advice for firms which to convert to a different structure.