Set up company with new person (9)
I believe the answer is:
configure
'set up' is the definition.
(configuring is a kind of setting up)
'company with new person' is the wordplay.
'company' becomes 'co' (abbreviation).
'with' means one lot of letters go next to another.
'new' becomes 'n'.
'person' becomes 'figure' (figure is a kind of person**).
'co'+'n'+'figure'='CONFIGURE'
(Other definitions for configure that I've seen before include "Arrange (something) to fit a particular task" , "Make arrangement" , "Set up" .)