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Business Setup Structure

Partnership

If you operate as a partnership we recommend you have a Partnership Agreement in place to ensure your partnership is not governed solely by the old Partnership Act of 1890(!)

Limited Company

If you decided to set up a limited company, you will need to have in place Memorandum & Articles of Association and, if it is more than one of you, we recommend you have a Shareholders Agreement in place to implement some of your decisions, you will need to pass some Company’s Resolutions and draft the relevant Minutes.

Limited Liability Partnerships

A Limited Liability Partnership (LLP) shares many of the features of a normal partnership - but it also offers reduced personal responsibility for business debts. Unlike members of ordinary partnerships, the LLP itself is responsible for any debts that it runs up, not the individual partners.

The Commercial Lawyers of Acumen Business Law can help you make the right decision on which type of business structure is best for your business.

Get it right at the outset!

It cannot be emphasised enough, how important it is that you have these documents in place at the outset- when everyone is keen and enthusiastic about the new venture. It is extremely difficult to reach an agreement at a later stage, particularly if there are any disagreements.