A. Corporate law focuses specifically on corporations and how they are formed, managed, and regulated, including the rights of shareholders and duties of directors. Business law is broader and covers the legal rules that apply to all types of businesses, such as contracts, employment, and sales. In short, corporate law deals with how a corporation is structured and governed, while business law deals with the general legal aspects of running any business.
A. Corporate solicitors primarily focus on the key stages of the business life cycle from formation and operation through to dissolution. This requires a broad understanding of a range of regulations, including data protection and corporate governance, as well as transactions, such as mergers, acquisitions and restructures deals. The experienced team at Attwaters are here to support all your corporate needs.
A. The complexity of the transaction coupled with the responsiveness of third parties, as well as any consents required from HMRC or external regulators, can all influence the timeline. On average business sales or purchases take from six weeks to four months. Our Corporate Law team can talk through your unique circumstances to provide a more accurate timeline.
A. No. Solicitors are subject to strict rules on conflict of interests, which means we can only act for one party in a corporate transaction.
A. When drafted correctly, a Shareholders Agreement provides the framework for regulating the relationship between your company and its shareholders outlining different rights and responsibilities. A Shareholders Agreement can be particularly useful when there is more than one shareholder, although it’s not a legal requirement. To avoid potential confusion or conflict, it’s important to ensure your Shareholders’ Agreement is clear and comprehensive. For example, you might want to cover management and governance, share transfers as well as exit arrangements. Our Corporate Law team can explain the different options.
A. A Shareholders Agreement is a private agreement explaining the relationship between a business and its shareholders. It does not form part of the company’s public record. A company’s Articles of Association is a special form of contract that is publicly available. Regulated by the Companies Act 2006, it governs a company’s internal management and administrative affairs, creating binding obligations on a business and its shareholders. As a result, sensitive information and commercial terms are often included in a Shareholders’ Agreement rather than a company’s Articles of Association.
A. Corporate solicitors can help you set up, run and grow your business in a compliant and efficient way. From company structures and regulatory obligations to corporate governance and transactional deals, a corporate lawyer will provide practical support and strategic insight to help minimise risk and maximise return. The Attwaters team can help you.
A. New projects, relationships or transactions could all act as triggers for seeking corporate law advice. Engaging a solicitor early on can help to avoid conflict, confusion and added costs at a later date. Our corporate lawyers work closely with you and other stakeholders and advisers to overcome challenges, maximise opportunities and meet regulatory obligations. Get in touch with us to learn more about how we can support you.
A. You can operate as a sole trader or in partnership with other business partners without forming a company. You may, however, prefer to set up a limited company or a limited liability partnership, which can protect you and your personal finances. To decide what is right for you, it’s important to consider your attitude to risk, long-term business plans and external investment needs. Seeking advice from an accountant or tax advisor can also be helpful.
A. Limited liability means that a shareholder can only be held responsible for business debts up to the value of their financial investment. This provides protection if your company or limited liability partnership fails or incurs losses due to adverse events, such as a global pandemic or a lawsuit. This protection, however, can be removed in certain circumstances, for example if a shareholder who is also a director breaches their legal and/or financial duties. Get in touch with our Corporate Law specialists if you need a more detailed explanation.
A. Shareholders own a company while directors manage a company on a day-to-day basis. In smaller owner-managed businesses, the shareholders and the directors will often be the same people.
A. The duties of a director are primarily set out within the Companies Act 2006. These include core financial and legal responsibilities, such as acting in the company’s best interests, avoiding conflicts of interest, exercising reasonable care, skill and diligence, as well as promoting the success of the company for the benefit of its stakeholders. A director will also have a number of common law duties. Talk to our Corporate Law team for more guidance on what’s involved.
A. Yes, a company can issue different classes of shares, each with its own rights. These may include different voting rights, dividend entitlements or rights to capital on a sale or winding up. These rights are usually set out in the Articles of Association.
A. Each business has its own unique corporate needs, which means costs can vary considerably. Our corporate lawyers will take the time to understand your specific challenges and goals and provide a clear and transparent tailored fee estimate.
