It has been widely reported that increasing numbers of people are taking the plunge and deciding to become their own boss. Much of this growth is often attributed to the volatile jobs market, coupled with an increasing entrepreneurial spirit amongst the UK public. This situation has also been helped by the support the government is giving to innovation and design – which cannot harm when it comes to encouraging new products and bringing business ideas to market. Either way, this is a good time for starting in business.
That being said, any new venture is always a risky business, and here at Leon and Company Chartered Accountants we get you on the right track from the kick-off! Getting it right from the start is absolutely key, and from the outset we will ensure you are set up in the most appropriate and tax-efficient way, whilst providing a structure that is best suited for your individual business needs. By allowing us to work on this, you will be freed up to put your energies into the all-important business product, or service, itself.
We have developed a specialism in advising and supporting individuals starting their new businesses – so whether you are an individual wishing to work for yourself, or an entrepreneur with plans for a small empire, we can help.
What is the best way to structure a company?
There is a choice between many business structures, including, but not limited to:
- Sole Trader (self-employment)
- Traditional Partnership
- Private Limited Company
The most commonly used business structures are self-employment and Private Limited Companies. There are multiple factors to consider in choosing which structure to use, however, you can be guaranteed that we will advise you on all the pros and cons involved, and make recommendations on which is best format for your individual business requirements.
Other factors that may need to be considered when setting up a business include: