I and my partner have successfully operated a clothing distribution business supply market traders throughout the UK. And we have decided to purchase an existing clothing manufacturing company to gain more control over production and delivery issues which have in the past caused some difficulty. As we are embarking in a new area of business with much greater levels of uncertainty, and what would you suggest we could do to reduce our levels of personal liability?
2006-11-29 07:46:52 · 4 answers · asked by lino w 1 in Business & Finance ➔ Small Business
I know here in Canada anyway we went from a corporate to an incorporate company, it leaves us with alot less liability to the company. We are shareholders now instead of proprietors.
If our company goes belly -up we will not lose our house vehicles and money and such.
Our personal is completely separate from the company.
2006-11-29 08:51:52 · answer #1 · answered by Anonymous · 0⤊ 0⤋
There is a fairly new type of business structure: limited liability partnerships. This would seem to be what you are looking for but you should take professional advice. It's worth paying an accountant a couple of hundred quid now to save yourselves huge amounts of grief and expense in the future if things go pear-shaped.
2006-11-30 04:31:15 · answer #2 · answered by grown-up 2 · 0⤊ 0⤋
My PARTNER AND I...geez
Hire a Risk Manager to evaluate your loss exposures and advise you about how to protect yourself with insurance and other risk-avoidance and transfer techniques.
2006-11-29 15:48:23 · answer #3 · answered by Emily B 4 · 0⤊ 0⤋
Bring in another partner who has experience in the areas you don't
2006-11-29 15:56:22 · answer #4 · answered by xoclairexo 3 · 0⤊ 0⤋