Sole Trader, Limited Company, Partnership or LLP – Which Business Structure is Best?

You’ve got your business idea all sorted. You’ve got a great name ready to register. Now what? You need to decide which legal structure will suit you and your business best.

Limited company

The four most popular ones are sole trader, limited company, general partnership and limited liability partnership (LLP). The decision is actually pretty straightforward when you understand the basic features and benefits of each structure, so we’ll take a look at each one in turn to help you make the right choice for your exciting new venture.

Sole trader

A sole trader is a self-employed person who owns and manages a business as an individual, but they have the option to employ people to work for them.…

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Pros and Cons of Setting Up a UK Limited Company

Incorporating your new or existing business as a UK private limited company (LTD) is an incredibly effective way to boost your professional profile and establish a presence in the United Kingdom. Not to be confused with the LLC structure, a UK limited company resembles the legal framework of a US corporation (Inc.) that you would register through application to the secretary of state. As such, you will need to appoint at least one director and one shareholder, you will enjoy reduced financial liability for company debts, you can sell shares to outside investors as a way to raise capital, and the company can exist beyond the ownership of its original founders.…

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Business and Commercial Solicitors: Take some strain off running your business

Making sure that your business has access to a good solicitor is essential in ensuring its long term success. Having a solicitor from the outset can give you a number of benefits, given the wide range of expertise most solicitors have at their disposal.

Business and commercial solicitor working with a client

A business and commercial solicitor can offer you advice and insight on issues of finance and banking, real estate, employment and much more. It can also be valuable to you should you ever encounter any legal issues related to your business.

Why would you ever need a business and commercial solicitor?

For a new business, or small business, it may not seem essential to look into the services of a solicitor.…

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How to Select the Correct Commercial Law Firm for your Business

Hiring the correct commercial firm to take care of your legal interests is crucial to any successful business. There are a variety of commercial lawyers in your region, each offering different sizes, specialities and experience. This guide will help you choose the best commercial law firm for your business interests and needs.

Commercial law firm lawyer and her client

1. Look for firms with experience within your commercial sector

The right commercial law firm will have significant experience working with businesses in your commercial sector and have a firm understanding of the nature of your business. A firm with other clients in your industry is beneficial as they will have an understanding of the industry and relevant legal requirements that exist within it.…

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The Role Public Liability Plays in Protecting Your Business

From a business perspective, most business owners and company heads are familiar with professional insurance for their contracting or professional work, otherwise known as errors and omissions coverage. However, the risk of public liability is also present for the average company, and can bankrupt a good business with one or two bad lawsuits.

Caution wet floor sign

Public liability: What you need to know

A business or individual contracting himself as a professional business is responsible for all of its actions and production, even for those effects that result in personal injuries or loss. For products, most people are familiar with product liability, but a business can also be responsible for any injury its activities or services cause as well.…

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Understanding the World of Business: How to Comply with Business Law

Owning and running an SME is not an endeavour for the faint of heart. Grit, determination, hard work, and endless toil are required to make a success of your venture, and challenge after challenge must be met head on.

Business law compliance

Business law is just one of the obstacles that you must overcome, and abiding by its numerous, intricate rules and regulations can seem daunting – but it shouldn’t. Made to benefit all parties, including entrepreneurs, it has been specifically designed to help you. Indeed, any propositions found to disproportionately disadvantage small businesses are inapplicable to them, so compliance is eminently possible.

However, doing so requires a degree of understanding that many lack at the outset.…

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When OSHA Visits: Smart Ways to Handle Your Company’s Citation

If you’ve been notified of an inspection by the Occupational Safety and Health Administration (OSHA), you need to respond quickly. You also need to know how to prepare your employees for any questions they may be asked by an OSHA inspector. Here’s how to handle your company’s possible citation.

OSHA inspection

Talk to Your Attorney

If your company has received notice of an OSHA inspection, you should consult with an attorney right away. Your lawyer will help you gather the information you need to prepare for the investigation.

Greeting the Inspector

The inspector will arrive at the company and present his or her credentials.…

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Closing a Business: Top Tips for Taking Your Open Sign Down

It’s time. You’re happy, but at the same time you’re sad. Your business is ready to be shut down. Maybe you’re hanging your hat up for good. Maybe you’ve decided to move on to something else.

Whatever the case may be, there are specific steps you need to take before you can close the doors for good.

Closed sign

Vote On It

The first thing you need to do is vote on the closure of your business. Even if you’re a one man show, the state continues to recognize the business as an ongoing legal entity until the corporation is formally dissolved.…

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Cyberbullying Insurance: How To Get It…Maybe

Sometime last year, statisticians informed the world that 1 out of every 5 people has suffered a bout of online harassment. An insurance company took note – and now “cyberbullying insurance” is a thing.

Cyberbullying victim

Digital Age Woes Lead To New Insurance Possibilities

In these, our digital days, online harassment and Internet defamation can cause titanic-sized problems – for both individuals and businesses. Recognizing the 21st-century hardship, international insurance conglomerate, Chubb, developed a unique – and, of course, potentially profitable – way to mitigate the cost of these complications: “cyberbullying insurance.”

Till now, insurers have offered little in the way of online harassment coverage.…

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Worker’s Compensation in Canada: Understanding Your Rights and Responsibilities

It seems that there are a number of Canadians who don’t know the extent of their rights when it comes to the topic of workers compensation.

Worker

Employment law specialists such as Loya & Associates normally have all the angles covered when it comes to getting you what you deserve under your employment rights and it also helps if you can gain a better understanding yourself of your rights and responsibilities.

The Workers Compensation System

One of the main points to remember is the fact that workers compensation law should always be viewed as a separate and distinct area of law.

This has always been the case and as lawyers in this specific field of expertise will already know, applying principles from other areas of law may not produce the correct answer to a relevant compensation question.…

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