We offer guidance in choosing the legal structure that suits your business needs,these include;
- Limited Company
- Business Partnership
- Limited Partnership
A limited company is an organisation that you can set up to run your business.
It’s responsible in its own right for everything it does and its
finances are separate to your personal finances.
Any profit it makes is owned by the company, after it pays Corporation Tax. The company can then share its profits.
In a business partnership, you and your business partner (or partners) personally share responsibility for your business.
You can share all your business’ profits between
the partners. Each partner pays tax on their share of the profits.
The liability for debts that can’t be paid in a limited partnership is unequally shared by its partners. This means:
- ‘general’ partners can be personally liable for all the partnerships’ debts
- ‘limited’ partners are only liable up to the amount they initially invest in the business
The partners in a limited liability partnership aren’t personally liable for debts the business can’t pay. Their liability is limited to the amount of money they invest in the business.
This is a brief summary of what each of business model entails, each one having both advantages and disadvantages regarding the complexity of formation and the extent to which they facilitate the specific business required.
It is only through consultation
that a suitable alternative can be sought,giving the in-depth detail surrounding each structure and outlining the extensive pre-requisites that are intrinsic to matters in this realm.