ABSTRACT
In a limited company where there is more than one director, the remaining directors may be able to take over and appoint a new director so the practice can continue to trade, subject to professional qualifications, or the remaining directors can arrange to close the practice. All practices should keep sufficient funds in the company bank account to cover the cost of closing the practice in an emergency. The type of company structure students will adopt is one of the most important decisions they will make when setting up a new practice, so make sure that they obtain advice and that they have carefully considered all the advantages, disadvantages and risks before making a decision. The long-term plan is important, because the type of work will largely dictate the type of practice students set up.
