Business Start-up Services
New businesses play a vital role in the Scottish economy, but they also involve a substantial risk element
To give your venture the best chance of success, you will need to address all the legal and financial aspects of starting a business carefully.
At The McKinstry Company, we work with a diverse range of start-ups throughout Ayrshire and the South West of Scotland. We can help you get your business off the ground, ensuring that all legal requirements are dealt with thoroughly. Get in touch with us today.
Legal Advice for Start-Ups, Ayrshire & Dumfries and Galloway
With 35 years of experience advising businesses of all sizes and types, The McKinstry Company can provide dynamic, forward-thinking, commercially-focussed advice on all aspects of starting a new venture. We can provide guidance on matters such as:
Developing a Business Plan
Having a thorough business plan is essential, providing a road map for your future and helping you secure funding from banks or investors. Your plan should include:
Deciding on Your Legal Trading Status
At the outset, you will need to choose the legal trading status of your start-up. Different structures come with advantages and disadvantages – our solicitors can provide you with specialist knowledge and support, taking the time to meet with you and discuss your plans in detail. We can then advise on the most appropriate structure for you.
Sole Trader
Setting up as a sole trader offers you a higher degree of independence and simplicity when it comes to setting up and running your business. However, you should be aware that you might find yourself lacking essential support, and you will be personally liable for any debts.
Partnership
Partnerships are straightforward to set up and run and offer support from other partners with different skills and experience. However, disagreements between partners can occur, and all partners are liable for debts.
Limited Liability Partnership (LLP)
LLPs offer the flexibility of a partnership with reduced risk but can be more complex and costlier to operate than other structures.
Limited Liability Company
With a limited liability company, your financial risk is restricted to the amount you invest in the business and guarantee in terms of loan funding, but this brings with it a range of legal duties which include the filing of statutory documents and accounts at Companies House.
Raising Finance
We can advise on finance solutions, including:
Contact our Experienced Start-up Lawyers Ayrshire & South West Scotland
For expert advice on starting a business, contact our Business Law team on 01292 438530 or complete our online enquiry form.
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