This guide concerns the formation of companies in the United Kingdom.
Why you should form a company with Legal Clarity.
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This guide is written for individuals who are thinking of entering into a partnership agreement in respect of a business operating and/or trading in England and/or Wales.
What is a Partnership Agreement and what are they for?
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Should the partners in your business enter into an agreement?
Who can be a partner and running the business.
Capital, property, drawings, profit distribution and partnership accounts.
Restrictions on a single partner and important decisions to which all or a specified majority of partners must agree.
How to exit the partnership and regulating repayment of partners capital on exit.
Protecting the partners’ investment in the business.
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Bringing the whole partnership to a formal close.
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What is a reduction of share capital?
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What is the effect of a reduction?
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Additional matters to consider in relation to a proposed reduction.
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The form and contents of a directors’ Solvency Statement.
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A summary of the procedure for the Solvency Statement route.
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A summary of the procedure for the court approval route.
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When does a reduction in share capital take effect?
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This guide discusses limited liability partnerships incorporated in the UK. Click on one of the boxes below for further information.
LLP Agreements set-out detailed and practical rules relating to the LLP’s business and its members. Each of the following sections outlines a key area that may be covered by a LLP agreement.
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What is the purpose of an LLP agreement and do you need one?
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Defining the LLP’s business and the members’ contribution.
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How important decisions are made and restrictions on the authority of individual members.
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Capital, property, drawings, profit distribution and accounts.
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Protecting the members’ investment in the business through non-compete and confidentiality obligations.
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Rules governing the admission of members and their exit.
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A brief outline.
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Why do companies buy back their shares?
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What funds can a company use to purchase its own shares?
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The contents of the buyback contract and the requirement of shareholder approval.
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Points to consider before effecting a buyback.
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A summary of the procedure where shares are purchased out of profits or a fresh issue of shares.
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What happens to the purchased shares and steps to be taken after the purchase.
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Buyback out of capital
The following two sections detail the additional procedural requirements when purchasing shares out of capital.
A summary of the additional procedural requirements.
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The form and content of the statement and report.
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This guide is written for a sole trader who is thinking of transferring his business to a company. Click on one of the boxes below for further information.
What is a Sole Trader to Limited Company Business Transfer Agreement?
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In what circumstances might I need a Sole Trader to Limited Company Business Transfer Agreement?
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What does a Sole Trader to Limited Company Business Transfer Agreement contain?
Sole Trader to Limited Company Business Transfer Agreements set-out the terms on which the assets of a sole trader’s business will be transferred to a limited company formed by that sole trader.
Each of the following sections outlines a key area that needs to be considered before entering into a Sole Trader to Limited Company Business Transfer Agreement.
Why might you want to transfer your sole trader business to a limited company?
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What sum should be paid and how will the price be satisfied?
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Which internal and external consents might be necessary to effect the business transfer?
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