Ilyas Patel Accountants in Preston
Starting a business
What structure should my company have?
Getting the right structure for you is important. Here is a quick guide for what’s best for your company.
Sole Trader
The exclusive owner of the business, entitled to keep all profits but liable for all losses
Pro’s
- – Low cost, easy to set-up
- – Full control retained
- – Very little financial reporting
Con’s
- – Full liability for the debt
- – Pay more in tax
- – Lacks credibility in the market
Partnership
Between two or more individuals who share management and profits
Pro’s
- – The above, but with more heads
- – More potential to raise finance
Con’s
- – The above, affecting all partners
- – Can be messy to wind up
Limited Company
Private company whose owners are legally responsible for its debts only to the extent of the amount of capital they invested
Pro’s
- – Less personal financial exposure
- – Favourable tax regime
- – Ability to work for corporate clients
Con’s
- – Administrative and regulatory demands heavier
- – Annual accounts and financial reports must be placed in public domain
Limited liability partnership (LLP)
Some or all partners have limited liabilities and exhibits elements of partnerships and corporations
Pro’s
- – Flexibility: can be incorporated in members’ agreement
- – Advantages of limited company and partnership combined
Con’s
- – Profit taxed as income
- – Partners must disclose income
- – LLP must start to trade within a year of registration – or be struck off
Prepare a business plan
Think about your business plan and what you would like to achieve
Click here for Xero's free guide, on how to write a business plan...
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Assess your finance
Think about your business plan and what you would like to achieve
Click here for Xero's free guide, on how to write a business plan...
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