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Litigation
\ Commercial
>>> Frequently Asked Questions
1.
Do we need a Partnership Deed?
2.
Once we have a Partnership can we then become
a Limited Company?
3.
What regulates a Limited Company?
4.
What are Terms of Business?
5.
How can you help in relation to commercial transactions?
6.
Can you help in relation to the protection of
a business name or mark?
7.
What happens if an important Director or Manager
dies or becomes too ill to work? Can you help
over relevant insurance cover?
1.
Do we need a Partnership Deed?
It
is not essential to have one but it is preferable
since in a Partnership Deed you can agree everything
about the way the business is run, the way profits
are divided, holidays, pay, division of profits
and losses, how to terminate a partnership etc.
Money spent on a Partnership Deed is well worth
it and this could provide the only written evidence
as to the exact nature of the business.
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2.
Once we have a Partnership can we then become
a Limited Company?
Yes,
you would Incorporate. A company is formed and
the business of the Partnership is transferred
to the company. This will be done in consultation
with your Accountants and other advisers.
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3.
What regulates a Limited Company?
Every
Limited Company has a Memorandum & Articles
of Association. This is a document that regulates
the affairs of the company in terms of what the
company can do, it also deals with internal matters
such as issuing and transferring of shares, powers
of directors etc. The share holders can agree
between them what should be in the Memorandum
& Articles of Association and you tailor the
company to suit the business venture with which
you are involved.
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4.
What are Terms of Business?
Terms
of Business are the standard terms that any business
organisation will have that will apply to any
contract for the supply of goods or services supplied
by that business. They are incorporated into any
contract unless they are specifically varied for
a particular contract. They can deal with matters
such as interest on payment of bills, retention
of title, ownership of goods etc.
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5.
How can you help in relation to commercial transactions?
We
are ready and willing to advise on virtually every
type of commercial transaction. The starting point
has to be the contract documents for the job that
is being done, it is important to make sure that
all contracts are properly recorded in writing
and any variations are agreed. If you want to
use a particular firm or company name, we can
carry out searches to make sure any particular
name is acceptable to the Registrar of Companies.
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6.
Can you help in relation to the protection of
a business name or mark?
Yes,
we are able to advise on the protection of intellectual
property rights and have access to all relevant
trade mark expertise.
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7.
What happens if an important Director or Manager
dies or becomes too ill to work? Can you help
over relevant insurance cover?
Yes,
we have access to independent financial advisers
who will be able to help with a wide range of
insurance and other related services which will
be essential for the continued health of your
business concern.
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