When you begin a new venture, you need the right advice.
One of the more important issues is whether you should be personally liable to creditors for the venture, or whether you would prefer to limit your liability.
Many entrepreneurs choose to limit their liability by establishing a limited liability company. In simple terms, the entrepreneur becomes the owner of shares of the company and the company does the trading. As owner, the entrepreneur’s liability to creditors who trade with the company is limited to the amount, if any, that he remains liable to pay for his shares in the company.
Some entrepreneurs prefer to limit their liability when they establish the structure for a new venture in other ways. They might choose to establish a limited partnership, or a limited liability partnership. Although the structures are different, the effect is the same.
The choice of structure is important: It will determine the amount and timing of tax paid on trading income, the flexibility of introducing new owners to the venture and whether the accounts of the venture are published.
At Malcolm C Foy & Co., we understand these issues and will work with you and your advisers to determine the right structure for your venture.
If you would like to discuss a potential matter or would like any further information then please contact one of our team using the details shown on this page.