Frequently Asked Questions

Company Law and Commercial Law Questions:

Q. How long does it take to form a company or a limited partnership?
A. This can be done in a day using internet providers.

Q. How many directors must I have?
A. One natural person is enough.

Q. How many members of a Limited Partnership (LLP) must I have?
A. Two.

Q. What is the downside of running a company or an LLP?
A. You have to file accounts and an annual return of members/officers and shareholders, with filing fees, as well as other forms when the details of the company/LLP change.

Q. What is limited liability?
A. If the company or LLP fails financially the members, directors and shareholders are not generally responsible for the debts, and only the assets in the company/LLP are used to pay the creditors.

Q. What is a debenture?
A. A mortgage security over the assets of a company or LLP which can even cover trading assets like stock debtors and cash as they flow through the business.