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Our Services - Business

Business Structures

Setting up a business

If you are starting a business you need to think about what type of business structure will best suit your situation.  Each option offers varying degrees of control and responsibility. 

The options are:

  1. Sole Trader – you are 100% reliable for your business’s liabilities and debts.
  2. Partnership – when two or more people or entities join together to share the profits and liabilities of a business.  It is possible for some partners to achieve limited liability through a limited partnership.
  3. Company – is a separate legal entity and provides shareholders with limited liability from any business debts to the value of their shares in the company.  Although if a shareholder is involved in the running of the company they can still be made liable.

We can help you understand the implications of each business structure option for you and work with your accountant to advise the best option for your needs.


Changing an existing business structure

Is a partner leaving your business? Or maybe you are expanding and getting a new partner.  Now is the time to talk to The Law Shop and make sure the business structure suits your specific situation.

We can also prepare the agreements for new and existing business partners.

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