UK forms of business organisation

Uk Company Law – Uk forms of business organisation  All referenced in OSCOLA. Jamie and Nadia run a business supplying students with weekly boxed ingredients and recipes for cheap, nutritious and easy to prepare meals. They started their business when they were students themselves, as they found it difficult to budget, learn to cook and do it all in limited space or with limited facilities. Their business, once operated only locally at their own Halls of Residence, became really popular and after graduating Jamie and Nadia rapidly expanded their area of operation. Up to now, they ran their business as an informal partnership, but they are now considering other options. They come to you for advice. Jamie wants to continue as a partnership, because he is concerned that if they convert to a company they would not have the same level of involvement in the management of the business as currently. Jamie also fears that they will lose control over the membership of the business if they run a company rather than a partnership. He is also afraid that becoming a company would mean too much ‘red tape and bureaucracy’. Nadia, on the other hand, feels that limited liability would be a safer way to continue and therefore she is in favour of forming a company. Advise them on the best option for their business by critically explaining the Limited Liability Partnership and Incorporated Company forms of business organisations that are available in UK law, addressing all of the concerns/issues raised.