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set up a limited company

One of the first, and most important decisions you make when you set up a new business is to decide what type of legal structure you should work under.
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Making the decision to go it alone and leave the relative security of life as a PAYE employee is a big one, but it can pay dividends (quite literally) when it comes to your potential earning power.

If you’re thinking about whether becoming a contractor could be the right career move for you, we have put together this guide to cover the key things you need to know before you make the move.

If you want to become a contractor, the good news is that there are plenty of different roles available, with everything from IT specialists and engineers, to management consultants and even locum doctors engaged on this basis.

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Aside from the sole trader route, the limited liability company is the most popular business structure in the UK.

With a limited company, the liability of company directors is ‘limited’ in that the company’s finances are separate from the personal finances of the business owner. This is not the case for those who run their business as a sole trader (self employed).

Limited company shareholders are not responsible for any debts run up by the business, although banks may ask company directors to provide loan guarantees for commercial loans or credit taken out in the company’s name.
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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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Starting a new business is an exciting time but getting the administrative side of things set up can be quite a time-consuming process. However, if these initial tasks are completed in a thorough and efficient manner, things are more likely to run smoothly and you can focus on the more exciting aspects of running your own business.

There are a number of different legal matters which need to be addressed before setting up a new business. Seeking good advice to help you through the planning and setup process ensures your business is built on solid foundations andcan provide protection when things do not go to plan.

Being prepared for any legal issues that could occur and having a good understanding of business law is essential when setting up a new company; lacking both could lead to a make or break situation. This guide is here to help you get your business off to a flying start and make sure you are both prepared and protected for what the future holds. Continue…