The UK is one of the easiest places in the world where you can set up a new business. Before you can set up your business you need to decide what the structure of your business is going to be.
There are several factors that can affect your choice of business structure. These include:
- The complexity of setting up the business
- The amount of paperwork you will have to go through
- The taxes that you will have to pay
- Any personal responsibilities that you may have
- The liability in case the business fails or incurs a loss
- How to make profits from your business
- And many more
Four of the most common ways to structure a business are:
- As a sole trader
- In a partnership with two or more partners
- As a private limited company
- As a limited liability partnership
Each one of these options have their perks and drawbacks. The key to ensuring your business is a success is to select the right option for it.
We can help make this decision easier for you by offering our expert advice on the matter.
- We will help you figure out whether you want your personal finances separate from the business and will help you understand the repercussions of that decisions.
- We will help you analyse the extra time and effort you will be investing into your business in terms of administrative tasks if you choose to form an LLP and make the best decision going forward.
- We will advice you on which options will suit the needs of your business the best currently and how you can restructure it going forward.
- We will help you figure out if you are comfortable with making your financial information public if you go down the company or LLP path.
- We will give you all the information you need to make the more informed decision about your business so that it can grow in the right direction.
- We will offer you advice based on the complexity of your business plan and the investment that your business has. This is a key factor in the choice for business structure and will have a great impact on your decision.
By getting the best advice from our expert professionals you can make the right choice for your business structure so that your company can grow well and become the success that it is meant to be.