LIMITED COMPANY, PARTNERSHIP, LIMITED LIABILITY PARTNERSHIP OR SOLE TRADER?
There are various factors which should be taken into account when a choice of business structure is made; this choice should be kept under review as circumstances (and the law) change.  We will be able to help you make an informed decision based on the following factors, and will advise how they relate to the chosen business structure:

RISK CAPITAL
The degree of risk can vary considerably depending on the structure of the business. Advice on liability is important.

LEGAL STATUS OF THE BUSINESS
There are a number of differences of which you need to be aware. For example, companies and limited liability partnerships are separate legal persons and the liability of their members is limited to the amount they have invested, whereas a partnership is not a separate legal person and its liability is unlimited.

MANAGEMENT
The management of a company is subject to the Companies Acts and its articles of association, whereas a partnership will be governed by the Partnership Act and/or a partnership agreement. We are able to provide advice and draft appropriate articles or agreements for your business.

INTERNAL FLEXIBILITY
By using the correct legal procedures we are able to make your business operate within a very flexible, or a very rigid management structure, as you wish.

PUBLICITY
A company and a limited liability partnership need to make public certain information by law, whereas a partnership has to disclose a great deal less.

SECURITY OF TENURE
As a director or a partner, your security in your position within the business could be an important issue. We will be able to advise you on this and take steps, if required, to secure your position.

SUCCESSION TO THE BUSINESS
Consideration needs to be given as to what you wish to happen to your business, or interest in it, should you wish to sell or leave for any reason. Certain restrictions apply to the different structures and we will be able to advise on this so that you can provide or plan for the future.

TAXATION
There are vast differences in the tax implications for companies and partnerships/sole traders. We can help you with this, and suggest recommended financial advisers for more complex areas.

RAISING FINANCE
The different structures have alternative means of attracting finance. This is a key consideration when setting up a business, and making the wrong decision now could prove costly at a later date.