Private Companies - Introduction
Our way of life is dominated by businesses. They provide for our needs in terms of food, clothing, shelter, transportation, entertainment, education, healthcare, and employment. They are the foundation of our capitalist society and the engine that propels the UK economy to its current position as the fifth largest in the world. The fact that so few lawyers can actually avoid them is hardly unexpected. Future corporate lawyers who read this book and specialise in providing advice on company operations will undoubtedly be keen to learn more since they are aware that in order to support themselves, they must have a thorough understanding of the law governing enterprises. Future non-corporate attorneys may be noticeably less enthusiastic and may even criticise the idea of having to spend time on something that may initially appear trivial. However, it is important to note that knowing the significance of the business type that owned the van would be essential in deciding against whom to make the claim and what financial resources might be available to pay damages. For instance, imagine that you were working on a personal injury case for a client whose 3-year-old daughter had been struck by a van. Or if you were representing one party in a divorce and some of the marital assets were invested in a business, you would need to have a thorough understanding of the legal requirements that the business must meet in order for your client to receive his portion of the business. You might be representing a client who was fired for making lewd approaches toward coworkers at the corporate holiday party. Once more, the nature of the company may influence how you approach the issue. Therefore, practically all lawyers should have at least a basic understanding of commercial law. The UK government department in charge of overseeing businesses, the Department for Business, Energy and Industrial Strategy (BEIS), estimates that at the beginning of 2020 (the most recent period for which data is available), there were roughly 6 million active businesses in the country, which employed 27.7 million people and generated an estimated total revenue of £4,350 billion. There are numerous variations of these businesses. We'll first look at each of these types, and then we'll investigate why an entrepreneur might decide to use one over the other when running her company.
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