Setting up an Alternative Business Structure
In short, an Alternative Business Structure will need to be licensed by a licensing authority such as the Solicitors Regulation Authority (SRA) or Council of Licensed Conveyancers in order to be able to offer regulated legal services to the public. Licences will be available from 6th October 2011.
Before applying for an Alternative Business Structure, there are several pre-conditions to be met. These are:
- Professional indemnity and compensation fund rules to be complied with
- Approved Head of Legal Practice and Head of Finance and Administration in place
- Approved Managers and Owners
- Compliant with ‘Practice Framework Rules’
- Requirement as to name of business.
Procedure
1 Complete prescribed application form
2 Pay the relevant fee
3 Provide additional information e.g. business plans, budget and references.
Regulators must then make a decision on the application within 6 months of receipt.
"[creating an Alternative Business Structure means] being able to offer intermediaries and end users a truly seamless service"
Tony Rand
Managing Director, Vamco Ltd |
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"The best way to predict the future is to create it."
Abraham Lincoln
16th President of the USA |