Forming a business

  • Involve professional advisers (eg an accountant) from the outset.
  • Consider whether you will be in sole control of the business or will share ownership or involve external investors.
  • Consider whether a company or limited liability partnership (LLP) will offer worthwhile financial flexibility, protection of personal assets and credibility with customers, suppliers and lenders.
  • Consider whether the administrative burden and costs, and the disclosure requirements, of a company or limited liability partnership will be justified.
  • Investigate the likely effect of different business forms on your tax and National Insurance position.
  • Choose the most appropriate business form: sole trader, partnership, LLP or limited company.

Click to read more guidelines on forming a business including the cardinal rules.

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