Businesses in Europe Avoid Post-Brexit Red Tape by Starting a Business in the UK – Company / Commercial Law
UK: European companies avoid post-Brexit red tape by setting up a business in the UK
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Companies in Europe are setting up a new business in the UK, a very effective way to offset the issues and costs associated with doing cross-border business after Brexit. The process of setting up a limited liability company or any of the other types of business entities is relatively straightforward and can be completed very quickly.
However, in order for your newly acquired UK company to thrive, make sure from the start that it is legally sound when it comes to laws in England and Wales that impact business, such as employment law. , taxation and agreements between shareholders.
Legal disputes, if they arise, are not only long and costly, but they can seriously affect the operation of a business if a long-standing dispute ends up in court or tribunal and requires testimony from your staff. at large. Not only do you have the cost of wasted time taken by senior management in the initial attempt to resolve the issue, but there are ongoing legal fees and also lost productivity if staff are ultimately forced to testify even if you win. the litigation. . If you lose the argument, depending on its nature, you could be fined, have to make financial reparations to the other party, or worse yet, suffer a hard-to-overcome reputational damage.
The best advice you can take when starting your business is legal advice.
Gonzalo Butori, a registered and abogado foreign lawyer, member of the business and commerce team, said: “You will need to decide on the best format that would suit your business model, sole proprietorship, general partnership or to a limited liability company. From there you need to make sure that your business is registered correctly and that Her Majesty’s Revenue and Customs (HMRC) are informed “he further commented” that you need to be fully informed Of all the implications surrounding the type of starting a business you choose, a limited liability company limits personal liability but is subject to much greater regulatory responsibilities, any failure to do so can result in a hefty fine or worse. “
Another key area that could be problematic if not properly enforced is employment law in England and Wales. Giambrone’s business and business law attorneys strongly recommend seeking comprehensive legal advice early on to ensure the firm is fully compliant. If a labor law issue arises, it should be handled by experienced labor lawyers to avoid the risk of violation of applicable labor law. Especially when an employee is sanctioned or fired. It would be wise to document every step you take and keep your employee fully informed of all decisions and the reasons they were made, to demonstrate that you have strictly followed the law.
Litigation between shareholders is surprisingly frequent, especially in family businesses where the familiarity of shareholders often leads to the neglect of certain formalities. It is not unheard of for family businesses to rely on verbal agreements and general expectations of the parties rather than drafting a formal shareholders’ agreement outlining the rights and responsibilities of each shareholder, outlining the goals of the business. and the distribution of its official shares. Often, as each generation takes its place at the board table, misunderstandings and disagreements arise which can surprisingly quickly turn into an acrimonious legal battle.
Foreign nationals doing business in the UK Giambrone’s highly regarded commercial lawyers strongly recommend appointing multilingual lawyers to advise and guide you to protect your business interests.
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The content of this article is intended to provide a general guide on the subject. Specialist advice should be sought on your particular situation.
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