Every company is obliged to have a basic constitutional instrument in place on incorporation and all during its existence: the Articles of Association. Articles set the guidelines for how a company should run. Standard, untailored Model Articles of Association[1] are options for businesses. Where there is, or is expected to be, more than one shareholder,…
In July 2013, the Land and Buildings Transaction Tax (Scotland) Act 2013 was enacted, establishing the ‘LBTT’ as the tax that is due on the chargeable interest in a property. Both residential and commercial properties are subject to this property tax, which supplanted Stamp Duty Land Tax (SDLT). LBTT was formally implemented on April 1,…
Recent occurrences have once again demonstrated how crucial it is for companies to make sure that they have suitable backup plans in place to recognise and manage the main risks that concern them. The majority of large organisations have complex business backup plans, while smaller companies and startups may not always have this kind of…
This article is the first of two that addresses some of the important factors one should take into account while deciding whether to buy the assets or the shares of a company: in this article, we cover asset purchases. If you are thinking about buying the assets or shares of a company, we highly advise…
Whether you intend to restructure your present company or launch a new one, the structure you decide upon is important. You should take into account several elements including the kind of company you run, your goals and the funding source. Three of the most often used structures that offer a useful basis for decision-making are…
By offering a summary of debt, equity, and hybrid financing choices, this article shows three ways to fund a start-up in Scotland or England & Wales. Debt Financing: Loans from Banks Under this kind of debt financing, a Bank loans money to you, or the company, depending on the legal structure you have selected for…
Selling your business is a significant milestone. Whether you’re retiring, moving on to new ventures, or simply cashing in on your hard work, it’s essential to prepare meticulously. With the right steps and guidance from expert solicitors in Scotland, you can ensure a smooth, profitable sale. Let’s dive into the essential steps to get your…
This blog establishes the process and requirements for the payment of a legal dividend.It is crucial to recognise that the payment of dividends is subject to a rigorous legal framework. Regardless of the scale of the organisation, this framework is applicable. The dividend will be considered illicit and may result in severe repercussions if the…
Dealing with legal documentation is a distressing experience, according to over half of decision-makers at small firms. This is the conclusion of recent research conducted by Direct Line Business Insurance. In addition, 25% of decision-makers reported that they were unable to concentrate due to anxiety over legal documentation, while 24% reported that they had experienced…
In 2023, Scotland saw the establishment of more than 40,000 new enterprises. However, what are the family law implications for spouses, civil partners, and cohabitees when it comes to business interests? In Scotland, the net value of matrimonial or partnership property should be equitably distributed between the parties in the event of a divorce, separation,…
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