Skip to navigation
Skip to contact form

Your Business Structure

Businesses may operate either as self-employed, partnership or company

Which business structure to adopt?

While tax considerations will need to be taken into account when deciding the way your business should operate, there are some legal issues to bear in mind too. If you set your business up as a limited company, your liability will be limited and the business will operate by a separate legal entity, either the Limited Liability Company (Ltd) or Limited Liability Partnership (LLP). Meet an Acumen Business Lawyer to discuss the best business structure for you.

Partnership

If following our advice, you decided to 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(!)

Company

If you decided to set up a 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.

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.Why not have your own Legal Director on board from the outset? Click on My Own Acumen Legal Director Scheme to find out more.

Acumen Business Law—have us on Board