Our decades of experience put our Preston corporate solicitors in the perfect position to advise you on any aspect of company law. Sometimes referred to as corporate law, company law is a highly complex area, and is notably distinct from commercial law (although there is some overlap between the two.)
In a nutshell, commercial law is mainly concerned with the transactions of a business, and its commercial trading. Corporate law or company law, on the other hand, is far more focused on the business itself as a corporate entity – including every aspect of its formation, maintenance and dissolution.
We can provide detailed advice on every facet of it here at Farleys Solicitors. Our corporate solicitors in Preston always begin by sitting down with you and going through your situation in detail. That helps us to tailor our advice accordingly, helping you to make an informed decision on the best way to proceed for you and your business.
Whether you’re looking to take the next step with an existing business, or you’re starting an entirely new one from scratch, you can trust our corporate solicitors to help you every step of the way.
Directors Duties are governed by the Companies Act 2006, which clearly sets out the obligations that directors have to their companies. They set the standards of ethics, diligence and loyalty that companies can expect from their directors, and are designed to prevent any complications that might arise from issues like negligence or conflict of interest.
There can be serious penalties for any breaches of these duties, such as requiring a director to pay financial renumeration to their company, or potentially even relieving them of their post. The most extreme cases may result in imprisonment.
While directors technically only owe their obligations to the company as a corporate entity, shareholders may still be able to take action against them with what’s called a derivative claim. This is where shareholders instigate a claim in the company’s name rather than for their own personal losses.
Many disputes concerning directors duties can be particularly complex in nature. If you think that you or a company director may be in danger of breaching their obligations (or a breach has already occurred), it’s important to seek specialist advice as soon as you can – and that’s exactly where our corporate solicitors in Preston can help.
By law, all companies are required to keep and maintain statutory records and registers, including the minutes of board meetings, and the registers of staff. Since April 2016, this also includes the details of any PSCs, or people with Significant Control in your company.
Statutory registers now essentially act as the sole reliable source of up-to-date information and proof of shareholding for any company. For that reason alone, there can be serious consequences for any lapses or failures to maintain them. This is where our business solicitors in Preston can help. With our decades of expertise and meticulous attention to detail, we can ensure that your statutory records are fully up-to-date, so that you can have peace of mind that you’re being fully compliant with the law.
Director and shareholder meetings must be organised and run according to a set of very specific rules and regulations, as this is a vital prerequisite for any of their resolutions to be considered legally valid. These rules are dictated by the Company’s Articles of Association, as well as the Companies Act 2006, and the company’s individual shareholders agreement (if there is one). Our business solicitors in Preston can help you to ensure that all your directors and shareholders meetings are conducted in full accordance with the law, and that you’re meeting your legal obligations with any subsequent filing duties.
Farleys Solicitors LLP is a friendly, trusted, and straight-talking local firm with over 60 years of experience in serving clients in Preston and across the North West. Our Company law solicitors draw upon a wealth of knowledge and industry-specific expertise to provide clear, straightforward advice, while answering all of your most pressing questions regarding Company law.
We know that every situation is different, so we always begin by arranging an in-depth discussion with you about your circumstances, so that we can help you determine of the best path forward for you and your business.
Feel free to get in touch with our Preston Company Law Solicitors today on 01254 367855 or contact us by email.
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