Incorporation of Barristers

After the Bar Standards Board (BSB) updated the Handbook in January 2014 and issued a consultation on 'Entity Regulation' in July 2014, it is hoped that the BSB will be in a position to accept applicants for "Barrister only entities" and seek to become the  licensing authority for Alternative Business Structures (ABS). 

By operating as an ABS,  Barristers will be able to practice through a limited company in which some shares are held by a non Barrister or lay person, for example a non-earning spouse.

The benefit of operating as a limited company is the protection limited liability provides  as well as the opportunity and scope for tax savings. It also preserves the traditional chambers structure by having the limited company as a member of chambers a well as removing any conflict of interest that could arise if all members of chambers were involved in one company.

Due to the advantages surrounding incorporation, many businesses have decided to operate as limited company however there are disadvantages that should be taken into account such as increased costs, individual circumstances, increased regulation and tighter deadlines. 

We are happy to discuss incorporation with you and offer advice about the impact it may have on your business.

Contact us to arrange a free initial discussion with senior partner, John Galley.

 

 

How can we help?

We are a proactive firm of accountants who can assist you in all your financial needs in a friendly, efficient and professional manner.

Building partnerships, listening to your needs, and implementing a solid financial strategy is the backbone of our practice. 

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