I am a solicitor. Is there a particular type of company I should form?

0

Hi

My name is Thomas, and I am a trained solicitor. Having been in the service of private companies for approximately 18 months, I am now preparing to go into business for myself. I would like to incorporate a solicitors’ firm here in London. Which type of structure is most suitable?

Thank you

Answers

0

Hi Thomas,

It depends whether you’re looking to set up a practice on your own or with other people.

If you’re planning to operate on your own, I would suggest setting up a limited by shares company because you can register one as a sole director and shareholder. You will benefit from limited liability and be entitled to keep all profits for yourself, but you will also have the option to bring in new business partners in the future if you decide to grow your firm.

If you want to set up a partnership with other solicitors, I would recommend a limited liability partnership (LLP). An LLP is like a normal partnership but it provides each partner with limited liability for debts. You will be treated as self-employed for tax purposes and have a great deal of flexibility with the internal management structure of the firm.

10 months ago
 

Your answer

 

Browse other questions tagged #solicitor #company-types or Ask a new question