Administering a business can take a variety of forms and which of these suits any particular circumstances can be a matter of choice and commercial or financial expediency. A commercial solicitor will be able to offer advice on LLPs, limited companies, partnerships and sole traders.
George Ide has an experienced commercial legal services team whose members are able to give practical professional guidance on setting up a business and, as it progresses and the needs of its principals change, advice on changing its status.
One person working for him (or her) self on a self-employed basis is likely to have the status of a sole trader but if the business thrives or another person becomes involved in it financially on an equal basis, a partnership can be formed.
To ensure the interests of all partners are protected it is best to have a legally-enforceable partnership agreement drawn up by a solicitor. In a traditional partnership, each partner can be liable for all the debts of the joint enterprise because the business cannot have a legal entity.
Since 2000, it has been possible for a limited liability partnership (LLP) to be formed which has the advantage of eliminating this difficulty while at the same time not having the rigid formality of a limited company. Generally, individual members of an LLP are not liable for the debts of the entire business other than those where a personal guarantee or indemnity has been given to a creditor or lender. Personal liability may be incurred in certain circumstances.
There are still a number of regulations affecting an LLP which have to be complied with and the helpful commercial solicitors of George Ide, itself an LLP, can explain the day-to-day practicalities in plain English to anyone considering changing the status of their business.
Appropriate assistance and advice on LLPs is just one of the commercial legal services available from George Ide LLP and whether you are just starting out or have been in business for many years, you will receive the same high standard of information and knowledge borne out of experience and expertise.
Find out more by calling our office in Chichester, alternatively click on the solicitor details on this page.