I’m thinking of starting a business but I’m unsure how to structure it?

The decision to start your own business is an exciting one! It’s also a daunting one and the structure you choose for it will have significant impact on your operations, management and legal and tax responsibilities.

So are what are the main options when it comes to business structure?

– A Sole Trader is operated by an individual. It’s best for small businesses with low risk.

– A Partnership is best for businesses with multiple owners who share management and profits.

– A Limited Company (Ltd) is a separate legal entity from its owners (shareholders) and has its own identity, allowing it to enter into contracts, own assets, and conduct business independently. A limited company is a popular choice for entrepreneurs and businesses that want a structured framework and are seeking stability and growth.

– A Limited Liability Partnership (LLP) is a legal structure where the number of partners is not limited, but at least two partners must be designated members and responsible for filing annual accounts. The liability of LLP members is limited to their investment in the business and any personal guarantees.

If you’d like to discuss your goals and long term business goals with a view to deciding on the best structure for your new venture get in touch today.