Approach to costs
Solicitors at Humphreys & Co. always aim to approach
legal work in a financially-disciplined way. We offer
competitive rates. Our charging approach is both transparent
and geared to the options open to our clients. Our
solicitors generally charge by reference to time spent but
we can often agree fixed fees for specific work or in some
cases risk-adjusted funding structures.
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Send us a summary of your circumstances and objectives for a quick response. |
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employment
Business
start-ups
Solicitors supplying
legal documentation & advice on
choice of business entity to company start-ups
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If you are committed to starting a new
business, or are already in the process of setting one up,
Humphreys & Co. provides straightforward and cost-effective advice on the legal issues.
Over 400,000 new businesses are set up in the UK every
year. People take the bold step of establishing their own
business for various reasons; for some there may be a
product or service they wish to sell, for others a gap in
a market they are looking to exploit, whilst many may
simply desire the freedom and control that working for
yourself affords.
As a legal person, every UK citizen has the right to trade
under their own name (known as a sole trader, or more
commonly “self-employed”). This small-scale approach is
the most common form of start-up businesses; however there
are also risks and limitations to sole trading which can
be avoided by setting up a limited liability company.
As providers of high-quality, cost effective commercial
legal services, solicitors at Humphreys & Co. can help
those wishing to establish a limited company realise their
aims. Choosing to conduct your business through the
vehicle of a limited company can be a prudent course; our
extensive business start-up service is designed to get
your new business up and running as quickly as possible
For expert advice on the options available to you,
please contact one of our commercial lawyers, who will
be pleased to get back to you with proposed costings
and next steps:
Setting up a
Limited Liability Company
What
is the difference between
operating as a sole trader and a
limited company?
- Sole traders do not
distinguish between business and
personal finances. Whilst this is
initially simpler to arrange, if
the business incurs a loss,
lawsuit or debts, the sole trader
is liable, and their personal
assets will be available to
satisfy the debts of the business.
- A limited company
is recognised as a legal person,
able to conduct business and take
on liabilities in its own right.
The liability of the company is
therefore restricted to its own
assets, meaning that the personal
assets of its members and officers
are (in most circumstances) not
company assets. This can make the
company vehicle an attractive
option for those currently trading
as private individuals.
What are the
benefits of a limited company?
Primarily,
limited companies provide the
infrastructure to protect yourself
and your personal assets whilst
trading. They also:
- Provide the perfect
platform to grow, and even sell,
your business in the future.
- Allow revenue to be
raised by selling shares in the
company.
- Allow shares to be
sold when shareholders wish to
cash in.
There
may also be tax advantages to
incorporating your business.
Humphreys
& Co. can help you to
understand the risks of business
and minimise them – whether this
be advising on the type of company
which suits your needs best, or
navigating legal red tape once
your company is underway. Our
commercial legal expertise covers
everything from advising on best
business practices and drafting
contracts, to registering and
asserting your business’s
intellectual property rights to
trademarks and copyright.
Companies are formed in the UK by
application to Companies House. We are
able to offer expert assistance in the
preparation and filing of the required
documents to register your new company.
We can offer advice on the issues that
arise in the creation of a new company
such as:
- Choosing the most
appropriate type of limited company for
your needs
- Selecting a company name
that complies with the applicable rules
- Supplying the Articles of
Association governing the internal
running of the company
- Appointing the officers
of the company required by law
- Directors’ service
agreements
- Shareholders’ agreements
- Data protection
registration
- Compliance with trading
standards
Alternatively,
we can get for you a company
‘off-the-shelf.’ This is a company that
has already been registered, but has had
no activity. By taking this option, you
would be able to start carrying on
business more quickly, and with less
paperwork than by creating a new company
from scratch.
Once your new business is up and running,
we can assist you in complying with
ongoing obligations placed upon limited
companies by the law, such as:
- Ensuring that the
necessary information about your company
is clearly presented to the public
(trading and disclosure requirements).
- Ensuring that necessary
company documents remain available for
inspection upon request by the public
(inspection requirements).
- Ensuring that directors
comply with the important obligations
imposed upon them by company law.
If you have decided that
forming a company is not your preferred
option (and tax considerations are very
important here), we are able to offer
advice on alternatives, such as the
formation of partnerships and limited
liability partnerships (LLPs), and
entering into a joint venture.
Another
option you may wish to consider is
preparing a constitution for an
unincorporated association. This is a
legal agreement between individuals that
wish to pursue a common aim without
establishing a more formal vehicle such
as a company or limited liability
partnership. It offers the flexibility
of designing your own rules to suit your
particular purposes, without also
incurring the obligations of a corporate
body. Our lawyers are experienced in
producing these agreements and can
ensure that the members of an
association create an effective working
relationship.
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Commercially focused and
fully transparent costings
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Charities -
Setting up a Social Enterprise
Social enterprises provide
services with a distinct social benefit.
Most function in a similar way to
limited companies, the difference being
that any profit is reinvested rather
than distributed amongst shareholders or
paid out to the owner.
There are multiple structures for
social enterprises, some of which are:
- Trusts
- Unincorporated
Partnerships
- Community Benefit
Services (BenComs)
- Community Interest
Companies
Our
lawyers here advise and represent a
number of local, regional and national
charities. We can assist in getting a
charitable organisation off the ground
and in complying with the ongoing
requirements of charity law. It is
important to bear in mind that any
charity registered in the UK must:
- Adopt and carry out
solely charitable aims as defined by
charity law.
- Pursue its aims in such a
way that they contribute towards public
benefit.
A common
arrangement for establishing a new
charity is to set up a trust fund, and
submit an application for the fund to
be awarded charitable status. A trust
is a legal arrangement whereby two or
more individuals declare that they
hold property to be used exclusively
for certain purposes. We can assist in
preparing these declarations, and can
ensure that the operation of the trust
in practice furthers the aims that the
trustees had in mind at its formation.
We can then guide clients through the
process of registration as a charity.
This entails the submission of an
application form to the Charity
Commission together with a governing
document, which in this case would be
the declaration of trust.
If you
anticipate that the charity will be
undertaking aims that entail
significant financial risk, or will
require the signing of a high volume
of contracts, you may like to
establish a corporate charity.
This
involves registering a company,
usually a company limited by
guarantee, with Companies House,
which can then be registered as a
charity with the Charity Commission
using the same process that applies
to trust funds. The main difference
at the registration stage is that
the company’s Articles of
Association are submitted to the
Charity Commission as the governing
document.
Unlike a
charitable trust, the finished product
in the case of corporate charities
becomes a legal person distinct from
its members (in most cases). The most
significant implication of this is
that the personal assets of the
members are protected, should the
charity incur liabilities that it is
unable to repay. There are other
advantages, particularly for larger
charities, such as the ability to
enter agreements and take on employees
in the name of the charity, rather
than the name of particular
trustees.
There
are a number of options to consider,
however, and ultimately the precise
structure that your charity adopts
will depend upon its particular
circumstances. Indeed, in some cases,
it may not be possible to pursue your
aims through a charitable organisation
at all.
If you
would like to discuss the nature of
the work that you would like to
undertake, then do get in touch with
our lawyers.
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There are many choices to make as a start-up, so consult
experienced solicitors and make an informed
decision
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Accessibility
We take instructions from UK & international clients. Our independent lawyers are available by email, telephone & fax. With central Bristol offices we are just 90 minutes from London by road or rail and 15 minutes from Bristol International Airport. We can travel to meetings if required.
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Independent approach
We are an independent professional law firm here, not a legal factory turning out mass-produced products. In our experience, determined case-handling is more likely to produce effective results.
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Turnaround time
Solicitors at Humphreys & Co. look to input not only
careful legal work and precision but also the determination
to keep matters moving. They aim to work in clients' real
interests with energy and pragmatism.
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Communication skills
Solicitors at Humphreys & Co. always try to open up the
legal process by giving advice and explaining options to
clients in a concise and straightforward way, identifying
clear courses of action whatever the technical or legal
complexities of the subject. |
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