One of the first decisions to be taken when establishing a business is the type of trading vehicle which is best suited to your circumstances, your finances, the expectations of your intended market, and your intentions and objectives.
You may decide to trade as a sole proprietor or sole trader. Alternatively, if you are involved with others, a partnership or limited company may be more appropriate. If you decide on a partnership you can choose a "traditional" structure with unlimited liability for the partners or you can establish a limited liability partnership.
Choosing whether or not to be registered for VAT is yet another decision which needs to be taken.
In addition to your own inclinations your choice may be influenced by those who are involved with you, or those who will provide you with financial backing, be that private or venture capital or a commercial loan or overdraft.
The potential tax liabilities (and benefits) which are offered by each different structure will also influence your choice.
Choosing the most appropriate structure need careful consideration. We can help and advise you on the options.
For further information please contact Robert Beattie, Mark Roome or Gillian Jones.