Company, Partnership or LLP?
The commercial law solicitors at Pearne & Co assist businesses in the formation, organisation, management and operation of partnerships and companies.
Partnerships and limited companies are the two main business entities involving more than a sole trader. Limited partnerships and limited liability partnerships (LLPs) are also appropriate business structures in certain situations.
Our partnership and company lawyers will review your specific situation and recommend a business structure that is right for your enterprise. We will register your LLP or company with the registrar at Companies House and help you set up and administer your organisation.
Two Main Factors to Consider:
- Liability: A limited company or limited liability partnership is a structure that bears responsibility or liability should another person or organisation make a successful claim against it. These organisations protect the individual shareholders, directors and partners from responsibility for the business's debt. A partnership offers no such shield to personal assets. Each partner can be held fully responsible for the full amount of the partnership's debt.
- Administration: Running a partnership is much easier than administering and managing a limited company or LLP. Companies and LLPs must comply with an extensive set of regulations. For example, they must complete annual returns, publicly report their earnings or losses and much more.
Our law firm will help you weigh the risks, costs and benefits of companies and various forms of partnerships and help you make a decision that is right for your business. We are available to draft partnership and shareholder agreements, director service agreements, draft board minutes and resolutions and comply with all reporting regulations.
To arrange a free consultation about partnership or company law, please contact us by e-mail or call 0800 046 1476. From offices in Cheltenham, our lawyers represent clients throughout England and Wales.
