If you plan to start your business, we can help with more than just business plan. We can walk you through the whole process. That's how we established 3200+ businesses in UK.


Starting the Business

When you start a business, One of the first decisions that you will have to make as a business owner is how the business should be structured. All businesses must adopt some legal configuration that defines the rights and liabilities of participants in the business’s ownership, control, personal liability, life span, and financial structure. Usually, you'll choose either a sole trader, a partnership, a limited liability company (LLC), or a limited company. 

There’s no right or wrong choice that fits everyone. Your job is to understand how each legal form works and then pick the one that best meets your needs. The best choice isn't always obvious but the first step to making one is recognizing the options.

Speak to our consultant to help you decide what is the best option for you:

Sole Trader: Be On your Own

This is the simplest way to set up and run a business: ownership and control of the business rest with you. That means you and your business are effectively the same from both a tax and legal perspective.

Partnership: It takes more than one

A partnership arrangement is similar to that of a sole trader but differs in that it has more than one owner. A partnership can arise, without any formal agreement, when people carry on a business in common, but typically, there is an agreement to trade as a partnership.

Limited Company: The common one

The Limited Company is the most common legal form in use for running a business. The business becomes a separate legal entity entirely meaning that the company must be formed, or incorporated, and registered at Companies House. It will also have to have certain standard legal documents that govern what it can do and what business it operates in.

A Limited Company is owned and controlled by its members, those who have invested in the business and own its shares. As the name suggests members enjoy limited liability – i.e. the company’s finances are separate from the personal finances of their owners, it facilitates risk reduction if things go wrong. Creditors of the business may only pursue the company’s assets to settle a debt and the personal assets of the owners are not at risk.

Limited liability partnership (LLP): More freedom in action

Limited Liability Partnership has some of the same characteristics of a normal partnership, such as the internal management, tax liability and the distribution of profit however unlike in a normal partnership; it also provides the limited liability of an incorporated company. As the name suggests – liability is limited to the amount of money they have invested in the business and to any personal guarantees, they have given to raise finance. 



Would you like to start your journey to a successful business with a professional business plan?

Start here