It is the most exciting of times launching a new company. Making sure the company is properly formed, or incorporated, is an important first step. At Maroof Solicitors we can help you take this first step with confidence.

Before incorporating your business it is important to decide what type of company you wish to establish. There are many different company structures in the UK each with a different legal status. They are:

• Limited Company: For a company, the legal liability begins and ends with the company, if the company is being run in accordance with the Companies Act 2016. Being a director brings certain responsibilities for example choosing a trading address, filing accounts at Companies House, setting up a business bank account, regulatory compliance, etc. A limited company can have tax advantages for the directors and obtaining advice from Maroof Solicitors who have professional experience in this area at the formation stage is important to ensure that these advantages are obtained.
• Sole Trader: This allows you to operate as an individual but you will not have limited liability with your business’s financial affairs. You will be taxed as an individual and won’t have specific, regulated duties in the way a limited company director does. However, it is important you seek legal advice on your liabilities.
• Partnership: This involves going into business with one other person or multiple people, in which the debts and the assets of the company are jointly owned. Everything between the partners is equal unless stated otherwise in a legal agreement.
• LLP: A partnership with limited liability for the partners, which means liability doesn’t extend to their personal finances. This type of company has to be incorporated at the Companies House, therefore the information is in the public domain.

There are various options, sometimes it is difficult to decide which best suits your circumstances. We are here to help you decide what is best for you. Maroof Solicitors aims to help get you ready to set up your company as quickly and as efficiently as possible. 

There are different ways to start a company such as:

Shareholder/partnership agreements

These govern the relationship between the shareholders or partners, setting out how a company is going to run. These agreements help determine how key decisions are to be made, what happens if a director or partner wants to leave or passes away, the restrictions will be enforced on their relationship with the company’s clients or contracts and how shares will be valued.

It is important to obtain advice that these agreements work in practice. There are often legal issues beyond the knowledge of the partners which should be addressed. For more information please check our Business Contracts & Agreements page

Choosing premises – lease/ownership

You may choose to buy or rent business premises this means you should know your obligations under a lease.

You also need to be sure that you can use the premises for the purpose of your business: there might be a covenant preventing this. For more information please check our Landlord and Tenant page.

Contract Terms and Conditions

A contract is the foundation of a successful business understanding. It governs what your business does and how your salary may be paid to you or to an employee. Without a contract, you have no contractual right of recourse and may have to rely upon the discretion of the court to determine the terms of the agreement which may be far from ideal. At Maroof Solicitors, we can help you form an agreeable contractual relationship for both parties. For more information please check our Business Contracts & Agreements page

Handling employees

Having a statement of terms in place is a legal requirement to ensure that both parties are aware of their obligations. A company handbook sets out various policies and good practices which – if followed by you and your staff – should limit any potential claims brought against the company. Having access to legal advice about employment law helps you get it right with employees from the start. At Maroof Solicitors, we can help you ensure that you have the right obligations and policies in place to minimise future risk. For more information please check our Business Contracts & Agreements page

Finance

We have extensive accounting experience and therefore can help new businesses by providing you with an accounting service to finance and assist in creating the right documentation to secure investment. In fact, at Maroof Solicitors, our principal solicitor, Mr Tariq is also a qualified chartered accountant and can provide you with extra aid needed to ensure your business can achieve that extra security.

Insurance

To ensure that you can escape financial and legal implications, we can ensure you have adequate insurance which covers professional indemnity, employer’s liability, building and contents cover, fleet insurance for vehicles used on business and credit insurance to protect against non-payment.

We can help you decide which process is best for you depending upon the complexity of your business structure. 

We can provide a range of services to start-up companies at a fixed fee. If you would like to speak to our solicitor call us on 0121 558 7691 or please fill out our enquiry form.