If you are thinking of starting a new business venture, well done! This can often seem like a daunting process and know what to do and who to register with can be a minefield.
Before forming your company, I will discuss which business structure would be most suitable for you. Once you have decided which business structure is the most appropriate, I can also help to save you time by managing your company’s formation.
This is the simplest form of business since it can be established without legal formality. However, a sole trader will be held personally liable for any debts that the business incurs.
A partnership is similar in nature to a sole trader but because more people are involved it is advisable to draw up a written agreement and for all partners to be aware of the terms of the partnership. Again the business and personal affairs of the partners are not legally separate. A further possibility is to use what is known as a Limited Liability Partnership (LLP).
The business affairs are separate from the personal affairs of the owners, but there are legal regulations to comply with.
The appropriate structure will depend on a number of factors, including consideration of taxation implications, the legal entity, ownership and liability.
For more information on setting up a new company please contact me now.