Your business plan is coming together. You're raring to go. Now is the time to decide which option you are going to take for the legal status of your new enterprise.
By making the right choice of business model you will be able to maximise profitability whilst balancing the needs of your business associates, bank, landlord, HM Customs & Revenue, and of course your customers.
Blair Cadell can advise on all methods of business start and set up including related tax and accountancy services.
Take a look below to review your options and consider the pros and cons of each.
If you are going solo with your business you can set things off with little more than a business bank account in your name or the trading name of your business. Your legal status will be that of a sole trader. A simple and flexible way to go.
If you are entering into a business with other individuals the status of your enterprise will be that of a partnership. Partnerships can come about just by virtue of the business having commenced.
The option of incorporation as a private limited company is available whether you are going it alone or proceeding with other associates. A limited company is a separate legal entity, the workings of which is dictated by the Companies Acts regime.
If you'd like to arranage a face-toface appointment to discuss your options in more detail, get in touch with us now.