If you're thinking of a new beginning this New Year and going it alone, there are lots of factors to consider. Jason Alderson from Burgess Hodgson, a specialist firm working with start-up businesses, provides a brief summary of what you need to review when starting a business.
So you have taken the big step and decided to start your own business. Running your own business can be hugely rewarding but there will be a lot of hard work to come. New business owners will need to make some key decisions – and some of these choices could decide if the business survives or fails. StructureOne of the first decisions a company needs to take is what structure the business should take. Essentially the choice comes down to two options and these are:
- Sole trader/partnership
- Limited company
A sole trade/partnership structure is the simplest form of structure and is often the most appropriate for start-up businesses. However it is important to remember that these structures do not offer limited liability – meaning that the owner’s personal assets may be at risk. Expert guides
What does it take to start up on your own?
Starting a business – what comes first?
Advice for start-up businesses
Limited company or partnership - which is best?
The AccountingWEB guide to raising capital Other Start-up resourcesBusiness LinkCompanies HouseBusiness ZoneUK Business Forums Jason Alderson is a senior manager at Burgess Hodgson, a company that has helped set up thousands of businesses and deals with payroll and PAYE for local businesses.