Business Matters
Setting up your own business

Setting up in Business?

The chances are that you have come to this page because you have an idea that you want to turn into a business proposition.

Successfully achieving your ambitions will partly depend on getting the right advice from the right place at the right time. This applies, especially, to legal advice but you would also benefit from sourcing good professional advice on:

• accountancy/tax issues
• the condition of land and buildings
• patent or trade mark registration, and
• financial planning

Our approach

We will meet with you to gain an understanding of:

• Where the real issues and value are likely to lie
• The approach that would best suit your needs
• The make-up of the best team of professionals
• Who will be responsible for project management
• The expected sources of funding and
• The timescales and costs involved

To help all concerned we have developed INSTRUCTION SHEETS to draw out the issues and allow an informed decision to be made on the method and level of charges. If you would like a complimentary copy of one of the sheets, please send your request through to one of the Key Contacts listed above.

We would hope to be involved at an early stage in your business proposition so that opportunities of adding value and avoiding difficulties can be identified and acted upon promptly.

We are members of the Lawyers For Your Business Scheme and as such can offer an initial free half-hour consultation, or alternatively, gather the appropriate information we need by telephone or e-mail. This will allow us to scope the sort of work that you require and the likely budget.

1. What sorts of legal issues affect new businesses?

There are, of course, issues that are unique to different sectors of business, but here are some common ones that lawyers can help with:

• identifying and setting up the right business structure (see below);
• creating workable arrangements between partners /directors/shareholders;
• creating advantageous arrangements between your business and customers/suppliers;
• compliance issues (both for administration and trading);
• funding arrangements and structures involving many different sources including banks/equity investors/invoice discounting;
• employment contracts and advice human resources generally;
• property ownership and leasing; and
• patents/trade marks and intellectual property transfers, licences and methods of protection.

Each situation needs reviewing separately. Please contact us for advice on your particular circumstances.

We also have extensive experience in setting up charitable and 'not-for-profit' organisations - as to which please see our Charity page.

2. What type of structures for businesses are there

Basically these are:

• sole trader *
• partnership *
• limited partnership
• limited liability partnership
• limited liability company *
• public limited company
• unlimited company

By far the most popular for new businesses are those marked *. If you are starting out in business we will gladly e-mail you complementary fact sheets on these.

3. How long does it take to set up one of the above structures?

There is no registration procedure for starting up as a sole trader or in partnership. Though this can make it very quick, without a partnership agreement in place your partnership will, automatically be subject to the Partnership Act 1890. This can be ill-fitting and restrictive for businesses.

Limited liability companies are subject to a registration procedure, though this can be completed very quickly depending on urgency. The cost of formation will vary according to whether you need a same-day registration / change of name or whether an off-the-shelf ready-made company will do. The latter can be ready to use within 24 hours although it helps to have as much warning as possible to allow for the most cost-effective approach to be used.