For Business

Trustpilot

Issues such as tax, liability and legal responsibilities differ from one type of organisation to the next – so good legal advice will help you to make the right decision. Franklins also understand that your priorities may change over time and as such, we offer our advice and support for the long term and are able to adapt the assistance we provide in parallel with the development of your business.

Sole Trader

Status as a sole trader offers flexibility, however it does not offer personal protection from any potential losses and factors such as VAT registry which can still affect sole traders. However, you are able to keep all profits that you earn after paying tax and therefore this type of setup can suit a business with small overheads that does not rely upon large cash reserves. We can advise you on whether your business plan would fit this type of arrangement, and on the particular risks and obligations associated with any contracts or arrangements that you may enter into – as a sole trader you will be personally responsible for these.

Partnership

Going into business with a partner sets out a different series of requirements to setting up a business on your own. Getting expert advice early on will help to put the right agreements in place from the start, which is critical if there are ever disputes. We work with businesses set up as standard partnerships and as limited liability partnerships and will offer you our advice if one or the other would better suit you and your business.

Limited Company

Forming a limited company can offer increased credibility and can reduce the risk of personal financial loss. There are several types of limited company but most are limited by shares. Forming a limited company involves the creation and allocation of shares as well as the incorporation and registration of your business. Directors and shareholders are often governed by formalised agreements which lay the foundations for business activity and the level of interaction that shareholders have with the business. In addition to Shareholder Agreements, we also offer assistance in drafting Director Service Agreements to ensure that legal contracts are in place at all levels necessary.

Joint Ventures

In addition to offering guidance on the constitution of new commercial operations, we are also highly experienced in advising on and preparing agreements relating to joint venture between established businesses, no matter the size or scope of the project.

Contact Us

Frequently Asked Questions about Business Structures

What are the different business structures I can choose from?

The main types of business structures include:

    • Sole Proprietorship: Best for individual entrepreneurs starting small-scale businesses with low risks involved.
    • Partnership: Suitable for small businesses operated by multiple individuals wanting to share responsibility and profits without the complexity of forming a corporation.
    • Limited Liability Partnership (LLP): Ideal for professional services firms (like law firms or consultancies) where practitioners wish to protect their personal assets.
    • Private Limited Company (Ltd): Recommended for businesses that aim to keep their shares privately held but seek the benefits of limited liability and tax-efficient structures.
    • Public Limited Company (PLC): Suited for large-scale businesses seeking to raise capital through public share issuance.

How do I know which business structure is right for me?

Choosing the right structure depends on several factors, including the level of personal liability you’re willing to accept, tax implications, the potential need for investment, and future goals for your business. Franklins Solicitors can provide guidance based on your specific business idea, financial situation, and long-term objectives.

What legal services does Franklins Solicitors offer for different business structures?

For all business structures, we offer:

    • Formation and registration assistance
    • Drafting and reviewing contracts and agreements
    • Compliance and regulatory advice
    • Intellectual property protection
    • Employment law services
    • Dispute resolution and litigation support

Specific services tailored to each structure also include partnership agreements for Partnerships, operating agreements for LLCs, and incorporation services for Corporations.

Can Franklins Solicitors assist with changing my business structure?

Yes, we can guide you through the process of changing your business structure, including the legal implications, necessary documentation, and any regulatory requirements.

How are fees structured for your services?

Our fees depend on the complexity of the services required. We offer:

    • Fixed fee packages for straightforward tasks, such as company formation.
    • Hourly rates for more complex legal advice and services.
    • We strive for transparency in our pricing and will provide a detailed estimate following an initial consultation.

Are there ongoing legal services available as my business grows?

Absolutely. Franklins Solicitors offers ongoing legal support to help manage your business’s evolving needs. This includes contract reviews, compliance checks, legal updates relevant to your business structure, and more.

Contact the Franklins Business Services team

If you have any questions about business services, please don’t hesitate to contact our team of experts who are on hand and ready to help you.