Setting-up a New Business
Selecting Legal Structure for your Business
If you are thinking of starting your own business, or are in the early stages of setting that business in motion - now is a good time to talk about the legal structure this business will take.
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Self Employment
Whether you choose to be a sole trader, or an individual in a partnership or an LLP you will have to register with HMRC as self employed. You can continue to work as an employee, but all work conducted through the business will be on a self employed basis.
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Sole Trader
Being a sole trader is perhaps the simplest way to set up and begin running a business - there is no registration process and it costs nothing to you to begin the business. Here are the main points to this stucture.
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Partnerships
This is a simple arrangement where 2 or more individuals can run and manage a business - with shared responsibility for business costs and risks. A partnership however, is not a legal entity outside of the people who form it - should a member of the partnership leave or die or go bankrupt - then the partnership has to dissolve to reform - however, the business can continue unhindered.
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Limited Liability Partnerships
An LLP is similar to a standard partnership - in that a number of individuals can run the business, share the risks, costs and profits - however, unlike the standard parnership, LLPs liability is limited to the amount invested - which means there is some protection offered the individual should the business run into trouble.