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Getting started in business?

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Getting started in business? This is a "taster" menu-checklist for advisers to talk over with new clients. Noting that we have many more guides covering each aspect on this webservice - see the main menu.

Which trading vehicle is going to be most suitable for me?

See:

  • Trading vehicles: introducing the different trading vehicles used in the UK and Europe.
  • Which trading structure is suitable for me? a concise side-by-side comparison of the different trading vehicles used in the UK.
  • Partnerships: a concise comparison of the different types of partnership recognised in the UK.
  • Sole trader v limited company: an "At a glance" comparison of tax and legal treatment.

Tax: which structure is likely to save the most tax?

  • Sole trader v limited company: tax differences and savings (2018/19): which is most tax efficient?
  • Will I pay less tax if I trade via a LLP? comparing a company and a LLP

Basic formalities and legal agreements

Partnerships

  • There are different types of partnership in UK law each covered by their respective partnership acts setting out various defaults.
  • It is advisable to draw up an agreement to suit the nature of the partnership.
  • We don't provide a template at this time because partnerships vary so greatly in size and activities that we don't think that a "one size fits all" approach is ever suitable.

Companies

  • If you chose to trade though a company you need to form a new company with Companies House.
  • Companies can be unlimited, limited by guarantee or limited by shares.
  • If you are running a non-for profit organisation then you may consider being limited by guarantee.
  • The majority of trading companies are limited by shares.
    • Before you get started you need to plan your share classes, consider whether to modify the Articles of Association and/or draw up a shareholders agreement. You can also make amendments following formation.

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Summary
Getting started in business? Click our logo for advice
Title
Getting started in business? Click our logo for advice
Description

Getting started in business? This is a "taster" menu-checklist for advisers to talk over with new clients. Noting that we have many more guides covering each aspect

Related

Locations

BELFAST ADDRESS
Catalyst Inc,
Titanic Quarter
Belfast
BT3 9DT
+44 2895 219365


LONDON ADDRESS
New Broad Street House
35 New Broad Street
London EC2M 1NH
+44 207 971 1002