When you start up your business, you have a number of structures to choose from and it can be a daunting prospect to try and choose the right one. At Hans Accounting, we can help you choose the right company structure. Each has its own tax characteristics as well as legal formation hurdles to overcome, so you need to understand the differences before choosing one.
What Type of Business Should I Set Up?
Choosing the right type of business to form from the start, is important because each business needs to have the right type of legal structure. You can your business setup in future to a more suitable type, however does involve more costs and time.
The three most common types of businesses generally set up within the UK are; sole trader, limited company and limited liability partnership. There are also other options available for social enterprises that are established to benefit the community.
Which type of company to set up really depends on your individual business, your goals and what stage of the business life cycle you’re on. Hans Accounting can help you setup the right type of company for you and your business, and help you fully understand all tax and legal implications as well as all responsibilities involved.
Types of UK Company Setups
It’s important to also realise that all legal structures have requirements in the form of book-keeping and financial records that you must submit to HMRC, so remember to set up a company when you’re ready.
Hans Accounting can help you with the formation of a company, to ensure it’s done correctly and to the benefit of your business. We can help and support you throughout your company startup process and continue to provide practical accounting solutions that help your business run as efficiently and profitably as possible.
Startup Advisory and Support
We know just how many things there there is to consider when starting a new business. We also know how daunting and vulnerable a new business can feel. We’re on hand for advice and reassurance whenever you feel uncertain or unsure.
For more information contact us, today and you can have everything set up in no time.