Starting your own business can be exciting, but setting it up the right way can often feel overwhelming. Don’t worry – here at G2S Accountancy, we’ve got you covered. Our team will take care of all the setup details, allowing you to focus on attracting your first customers and getting to work. We’ll guide you in choosing the best business structure for you, whether it’s a sole trader, partnership, or limited company, ensuring you pay the least amount of tax possible. With years of experience, we provide expert advice tailored to your needs.
If you decide to start a limited company, we can help you pick the perfect name (and assist in setting up a website if desired), take care of all the legal requirements, and handle the paperwork for opening your business bank account. We can even act as your registered office address, so you don’t have to display your home address on official documents. Once your bank account is set up (and if you need a recommendation, we’re happy to introduce you to a trusted bank manager), we’ll handle your VAT registration, if necessary. We’ll also provide guidance on the optimal time to register to minimize your tax burden and help you reclaim as much VAT as possible from your initial setup costs.
Let us make your business setup hassle-free, so you can focus on what matters most – growing your business.
Starting a business as a sole trader is one of the easiest ways to begin your entrepreneurial journey. Once you’ve notified the relevant government agencies about your decision to become self-employed, you can start trading immediately, provided you have any necessary licenses required for your industry.
Operating as a sole trader offers flexibility, allowing you to adapt to changes in your business with minimal red tape. You’ll also retain full control over your business operations and financial matters. However, it’s important to note that sole traders are personally liable for any debts or obligations if something goes wrong. Take the time to evaluate whether this business structure is the best fit for your needs.
A partnership involves two or more individuals sharing the risks, costs, and responsibilities of running a business. Each partner operates as self-employed, sharing in the profits and participating in decision-making. Partners are also personally liable for any debts incurred by the business.
Unlike a limited company, a partnership is not a separate legal entity from its partners. If a partner leaves, passes away, or becomes bankrupt, the partnership must be dissolved, though the business itself can continue under a new agreement.
This business structure is straightforward and flexible, making it an appealing option for individuals looking to co-own and manage a business. However, it does not provide any personal liability protection if the business fails.
A Limited Liability Partnership (LLP) is similar to a traditional partnership, where multiple individuals or limited companies share the risks, costs, responsibilities, and profits of the business.
The key distinction is that liability in an LLP is limited to the amount each member has invested in the business and any personal guarantees provided to secure financing. This structure offers members a degree of protection if the business encounters financial difficulties.
