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Are You Considering Starting a Business?

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Are you considering starting a new business in the U.K. with your ideas or invention? If you have created a strategic plan or have a set of ideas that can make you money, it is a good plan to register or incorporate your business as soon as possible. If you want to register your business in the United Kingdom as a sole trader you are not liable to pay corporation taxes. A sole trader is a business that is ran by one person on a self employed basis. It is different to operating a limited company, which in effect is a separate legal entity to the founders.

If you are a self employed person without employees and a start-up business or new business, operating as a sole trader is often the best option for your enterprise. If you have partners, then you should register your business with HMRC as a traditional partnership or Limited Liability Partnership. These businesses are not obligated to pay Corporation Tax.  Each partner or sole trader is personally liable for income tax and must register as self employed with HMRC.

Businesses with No Corporation Tax Liability

  • Sole Trader
  • Traditional Partnerships
  • LLP (Limited Liability Partnerships)

Where to Register a Business?

If you are a sole trader and conducting business you must register with HMRC to inform them of your tax liability. To learn more about registering and tax liabilities of a business or company, visit HMRC online. You can learn all about how to start a new company if you choose to incorporate your business. If you are conducting business as a sole trader, traditional partnerships, or LLP you may learn about tax registration.

Whether you decide to incorporate or register your business or company, if the business is dormant there are no tax liabilities. Start up businesses that have been incorporated or registered are not liable to pay taxes if the business isn’t generating revenue or income.

Incorporating a Company

There are some nominal fees associated with incorporating a company in the United Kingdom and also a number of administrative obligations you will need give thought to. When you incorporate your company it becomes a separate legal entity independent of its directors. Applicants may choose to incorporate as a private company limited by shares; private company limited by guarantee; private unlimited company; or as a public limited company.

A company can be incorporated by electronic filing or using the Web Incorporation Service online. The option to incorporate can be processed by filling out your forms through paper filing and mailing to Companies House.

If you need help with incorporating your company seek guidance from a business lawyer in the U.K. Business lawyers are very helpful with complex incorporation and registration processes, and you might also wish to consult an accountant before attempting to incorporate your business as a limited company off your own back.

 

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What is niche law and how can niche law firm be beneficial for attorneys?

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Niche law firm or boutique law firm is basically a collection of the attorneys who are organized in the limited liability partnership that specializes in the niche area of the law practice. Generally, a practice law company can include various unconnected practice areas in single firm only but there are a few niche law firms that specialize in the few or only one or two practice areas. Niche applies to the firms which focus on the particular areas, irrespective of their size, even though these are usually smaller in size.

Niche law firms maintain the competition in high regard in various fields. These should actually be encouraged because they add competitive force to the international law practice. For example, niche law can be related to particular areas such as patent laws or intellectual property.

As far as the headcount is concerned, some of the niche law firms can be large while others can be small with just one center. They can be involved in niche such as litigation, mediation and arbitration as well as other related laws. Instead of working as the solo attorney, niche law can be an excellent way of profession for the attorneys to choose. The most crucial factor is that you may earn on the per hour basis which is indeed very good.

For example, if you are a niche law attorney, you would only be required to edit the documents as well as forms instead of creating them from the very beginning. This can be a wonderful time saver, while at the same time allowing you to get benefits in the long run. Apart from this, niche law can make attorneys confident and comfortable in their profession as well.

 

 

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What are the principles of business law?

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Laws are said to be the rules and regulations that determine how one person should work in an organized society or with another person. If we talk in particular about the principles of business law, then business laws are the rules and regulations that pertain to the businesses. These laws enable you to operate in the business and tell how you should be dealing with the other businesses as well. There are a lot of business laws that rule the conduct of the businesses in US. Breach of the rules and regulations lead to punishments and for this purpose law firms have been created.

In an organized society, principles of business law are very much applicable and in order to have some authority over these laws, there are sheriffs, public offices as well as courts which determine the functioning of an organized business society. In order to operate in such an environment, it is important that the rules of these laws formulated by the states should be followed sincerely.

Non-application of these principles of business law can lead to conflicts within the society and among the businesses. It is therefore important that the rules should be followed. In case a business does not follow these rules, courts intervene in the process. For this business attorneys are also there to guide you through the process.

Usually, the attorneys are always hired by the businesses in order to know which laws are applicable and which ones are not. Attorneys can help in understanding these principles of business law and knowing how to function in accordance with these set rules and regulations, as established by the state and the concerned authorities.

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Understanding litigation, mediation and arbitration

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Business litigation is also known as commercial litigation and it is actually a very broad term which is used in order to identify the business disputes that go beyond the boundaries of informal phase. People often talk about litigation, mediation and arbitration in a way like they are interchangeable. But it is important to know that these terms cannot be used in place of each other. The distinction between them is subtle yet important and it is important to discuss these differences.

Litigation

It refers to discovery, law & motion, pre-trial, settlement as well as trial phase of the business dispute when the complaint is filed with the court. Any document which is filed as the litigation becomes automatically, the part of the public record. These records are accessible by the general public like the press, your competitors as well as businesses and individuals. The result of the case remains binding on both the parties.

Arbitration

This is the matter where both the parties agree in advance to settle the matter out of the court and an arbiter acts as the private judge. The price of arbitration is borne by both the sides. Arbitration may or may not be binding. Documents in this process are not the public records and this process is nor too fast, neither too inexpensive.

Mediation

In this process, the parties agree to attempt for mediation or settlement before returning to the lawsuit. Mediator is not the judge in this case and also does not always posses special training for handling such cases. Mediator can be paid for by the parties involved in the dispute. In the process of mediation, the purpose is facilitation of the settlement by hearing what both sides have to say. This is a private approach of solving the disputes.