When setting up a business there are various ways to incorporate these businesses, as they all hold different legal structures. 

 

Legal structures to set up a business in the UK ​

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There are 4 main legal structures for a business in the UK: 

• Limited Company: This is a company which is operated in accordance to the Companies Act 2016, ensuring that any financial losses which the company may face will be place on solely the company ensuring the individual will is protected with limited liability. This tends to be the most popular form of incorporation, as for directors it does come with certain tax advantages which can be further explained by your allocated accountant.

• Sole Trader: This structure allows you to operate as an individual, however the individual will not be protected by limited liability and as a result will be legally bound with the financial affairs of the business this will include any outstanding debts owed by the company.

• Partnership: This structure allows an induvial to go into business with another person or a group of individuals, however all profits, outstanding company debt and assets are jointly owned by all the individuals in the partnership. To summarise everything in a partnership is equal between all partners unless a partnership agreement is put in place, then each partners rights and liabilities can be tailored to their specific needs.

• Limited Liability Partnership (LLP): This structure is similar to a partnership however it is incorporated in accordance to the Companies Act 2016, protecting all partners with limited liability ensuring that the liability does not extend to their personal finances.

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What can Nido Legal do for you?

 

When you propose to set-up and incorporate a new business venture or expand on an existing business, you will require legal advice to ensure the company is established with your tailored needs in mind.

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Our expert Lawyers at Nido will advise you in various areas in relation to incorporating your company, this can range from the following initial stages of incorporating the business:

• Filing documents at Companies house;

• Drafting shareholder & partnership agreements;

• Advise in relation to leasing commercial premises;

• Advise on protecting your rights and interest when buying goods from third parties;

• Personal guarantees advise, in relation to banks or other lenders when borrowing for initial investment;

 

At Nido our services don’t stop once the business has been incorporated, we pride ourselves in relation to our client’s aftercare. We offer the following services in relation to once the company has been set-up to ensure our client’s success:

• General advise in relation to data protection and GDPR companies, focusing on our client’s relationship with the data controllers and processors;

• Employment advise, this will be in relation to providing the company with tailored terms of employment;

• Regulatory compliance advise, Nido will ensure that your business has the relevant licences in place in order to operate in their desired market;

• General advice in relation to other queries you may have in relation to your business.

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At Nido, our experienced lawyers can confidently assist you in dealing with your requirements in relation to initially setting up you business in the UK alongside the aftercare of incorporation, to ensure the smooth operation of your business.