One of the key decisions you need to make when starting a business is which legal structure to select. The best choice for your venture will be dependent on your personal circumstances so it’s important you understand your options.
The main types you can choose are being a sole trader or a limited company.
Sole trader is the easiest structure to set up because it involves limited paperwork and legal obligations, but it could mean you have reduced access to finance, less credibility in the marketplace and problems attracting customers.
Creating a limited company is more complicated and involves more costs and paperwork, but it can be advantageous when it comes to raising funding, encouraging trust among your customers and gives you more ability to time personal tax payments.
Many entrepreneurs find writing a business plan at the start of their entrepreneurial journey to be a very beneficial exercise. It can help you work out if your idea is feasible and keep you on track with your objectives as your business grows.
A plan is also often a mandatory requirement when applying for finance or pitching to investors.
Key details to include in your business plan include:
An accountant can...
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