Starting a business is probably one of the most exciting, and possibly terrifying things you will ever do. It is important to consider from the outset the most appropriate vehicle for your business, whether it be:

Sole trader
Partnership
Limited company; or
Joint venture vehicle

Lees Lloyd Whitley's commercial team is ideally placed and resourced to inform and advise you on the various factors which should be taken into account when that choice is made.

Such advice would encompass:

· Risk - the degree of risk to the new business venture and the potential liability of the venturers themselves will vary considerably depending upon the choice of business medium and the area of operation;

· Expense - the legal and administrative costs will generally be higher for a private limited company than a partnership, due mainly to the legal obligation to provide Companies House with certain information.

· Management - whether your business is goverened by the rules of the company's articles of association or the partnership agreement, the constitution of the business should be appropriate for your business needs whether you require flexibility/ridgity of structure;

· Succession Planning - an early consideration of this issue is very important, but all to often overlooked. What will happen if you wish to sell your interest in the business, retire or leave due to ill health or die?

· Legal status - there are major differences between the different vehicles. For example, a company enjoys a separate legal status whereas a partnership does not.

If you require more detailed or specific advice on choice of business medium, please call Freephone 0800 731 2947 and ask for:

Tim Polding
Mark Fergusson