The Business Exchange Bath & Somerset Issue 16: Summer 2020 | Page 25
COMMUNITY VOICES
re
?
the subsequent easing of restrictions,
st Covid-19.
Tom Webb, Mogers Drewett
an update to your terms and conditions to
ensure you comply with distance selling and
data protection regulations.
Restructuring
One benefit of lockdown is that it does
present the perfect opportunity for business
owners to “work on” as well as “working in”
in their business, undertake some corporate
housekeeping and take stock of your
business and the way it will need to operate
in a post Covid-19 economy.
If you are a sole trader or partnership, the
lack of corporate structure could be a cause
for concern due to the potential unlimited
liability. Incorporation as a limited company
is worth considering as may give you greater
flexibility and protection in the future.
Restructuring and reorganisation of
companies can be an efficient way to
separate elements of a business and help to
achieve future goals. Reviewing your current
operation is not only useful to identify an
underperforming area which could then be
dealt with but also to establish a focus on a
core offering in the future.
With careful planning and appropriate
professional advice reorganisations including
demergers or use of holding companies
can be used successfully to split parts of a
business in a manner that ensure there are
no adverse tax implications.
Covid-19 has forced us all to look at how
cost effective and profitable our businesses
are and restructuring can be a good way to
streamline and reduce costs. Other benefits
include ring-fencing assets from what
may be riskier elements of a business or
consolidating debts to free up cash where is
it most needed.
If you are thinking about making changes
to your business and would benefit from
some advice please contact our Corporate
and Commercial team on 01225 750000 or
email [email protected]
We are here to help you get your business
back on track.
FIRM
ME PAGE
pertise on your doorstep
ogersdrewett.com | 01225 750 000
THE BUSINESS EXCHANGE 2020 13