…structure your company
Before flying off into the sunset like two turtle doves, you should consider your business and how it should be structured.
There are several different ways you can structure your business and the one that’s best for you will depend upon the factors you deem important. You will need to consider a variety of issues such as flexibility and administration, tax, risk and liability.
Perhaps the biggest consideration for many of our clients is the limitation of liability. As a sole trader, you don’t have any protection if anything goes wrong, although there are some advantages of running your business as a sole trader, we often advise our clients to incorporate a limited company.
However you will need to consider that there are some formalities involved in incorporating a limited company, such as filing annual accounts and other information being made publicly available at Companies House. We always recommend our clients to discuss any potential tax advantages or disadvantages with their accountant prior to incorporating a company.
You can find out more information about the various structures you can use in our series of blogs.
If you are setting up a new enterprise or would like to discuss the existing structure of your business, speak to Rob Moore in our expert corporate team on (0114) 218 4000 or email info@tayloremmet.co.uk
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