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Which business structure is best for you?
If two or more people wish to go into business together, and don’t wish to go down the limited company route, a partnership offers a simple way to get started; it is similar in many ways to going the sole trader route for an individual.
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An LLP shares many of the features of a partnership, but also offers its members limited liability from any financial problems the business may face in the future.
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Many businesses start out as owner managed operations with one person owning all of the shares as well as being the managing director. However, as businesses grow, they often want to bring in other people as shareholders; maybe in return for an investment or possibly to a manager that they want to incentivise.
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One of the great advantages of trading through a company is to take advantage of limited liability. This means that, unless you have personally guaranteed a liability – for example to a bank or landlord – then as a director you are not responsible for the company’s debts if it goes bust.
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As long as you comply with the relevant rules you can call your company whatever you like, provided that no one else is using the name already. However there are some restrictions that you need to comply with.
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The Companies Act 2006 enacted a wide range of reforms to the way company law is governed. It set out the duties of company directors for the first time, and has simplified some elements of company incorporation process. In this summary, we look at the key elements of the Act from a company director’s point of view.
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Unless the Articles of Association specify otherwise, a private company does not need to have a company secretary. However, the duties of a company secretary still need to be fulfilled regardless of whether someone is formally appointed. A public company, on the other hand, must have a formal company secretary appointed.
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With hundreds of thousands of new start-ups being launched each year a leading accountancy body says that potential entrepreneurs should be aware of all the facts before becoming self employed.
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There are around 2.8 million sole traders in the UK. It is the most popular, and simplest, way of setting up in business. In this guide, we take a look at the key things you need to know about becoming a sole trader, and whether it is the right business structure for you.
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Aside from the sole trader route, the limited liability company is the most popular business structure in the UK.
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Before deciding to become self-employed, it’s a good idea to think through the implications of working for yourself…
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When you form a new limited company, one of the three documents you need to submit are the Articles of Association.The others being Form IN01 and the Company Memorandum of Association. You can read more about what information is provided by these forms in our dedicated article here.
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If you are considering setting up your own limited company, the prospect of ‘dealing with the authorities’ may seem daunting. In reality, the company formation process is very simple – whether you apply yourself, or use a registration agent to set up the company on your behalf.
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When starting up a new business, one of the first things you need to do is choose a suitable name for your enterprise. It is worth spending time considering the name, since not only will this be the first thing potential customers see, but it will also be with you for the duration of your venture.
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Becoming a sole trader is the simplest way to get your new business off the ground.
Once you have told HMRC that you intention to become self employed, you can start trading immediately (subject to any industry-specific licences you might need).
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The simplest way to start a business is to set up as a sole trader. There is minimal paperwork to take care of, and you don’t have to pay any formation costs.
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One of the first things all business owners have to do is to choose a good name for their enterprise. Unlike other decisions you may make along the way, your business name could be with you for quite some time, so it is worth spending time to get it right first time.
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Although the sole trader route is the most popular way of running a business in the UK, there are significant advantages of working via a limited company.
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Many small businesses operate via private limited companies. There are around 1.15 million limited companies operating in the UK currently, compared to around 2.8m sole traders and 500,000 partnerships.
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In this article, we look at the business banking options you have, depending on whether you are a sole trader (self employed), or operating via a limited company.
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