Limited Liability Company
Forming this type of company requires a director, employee and shareholder.
Shareholders – Have only liability and you can include as many as you like.
Directors – Have far more important duties and responsibilities as set out in Corporation Legislation Tax record keeping and reporting are examples of the duties and responsibilities of a director of a company. Your solicitor can explain how these and other structures work.
How your solicitor can help
If you are buying, selling, starting or running a business there are a number of ways your solicitor can help, including:
- Advising you on the best structure for your business
- Preparing a partnership agreement or a shareholders agreement.
- Drafting a lease or reviewing a lease you’re asked to sign.
- Advising on borrowing and funding arrangements.
- Explaining your rights and obligations under a franchise agreement.
- Preparing and advising you on terms of trade and other business contracts.
- Helping you estimate and protect the value of a business goodwill.
- Advising you of your obligations to employees.
- Negotiating the terms of sale or purchase on your behalf.
- Advising you on how to avoid and manage business disputes.
- Helping you get answers from government and other authorities.
- Advising you on your obligations to customers.
- Protecting and enhancing your intellectual property rights including your business name.
Again, in nearly every article I write I am drawn to a familiar theme. It is so important to develop a strong working relationship early with your family solicitor.