Starting a business is indeed a major challenge, what with so many others that are all offering similar products and services, you really have to come up with something unique in order to make the grade. Once you have crunched the numbers and are confident you have what it takes, the next step is to decide how your business will be formed.
The term limited relates to your liability, should the business fall into debt, and by seeking out experienced accounting services in Woking, the expert will be able to tell you whether a limited company is your best option.
Starting a business often demands the skill sets of more than one person, and if you are working with a friend, the best solution would be to form a partnership, which might be of equal share, depending on the people involved.
In the event it is a one man show, registering as a sole trader would be the way to go. Many small businesses operate as sole traders, such as:
- Construction industry
- Retail outlet
- Consumer based services – Hairdressing, care, cleaning services etc.
Each business category would fall into a different taxation bracket, which is why you should consult with a local accountant prior to do anything. The expert will look at your projection of the business, which will help to make the right decisions regarding the formation of the business.
Your business might have to be VAT registered, which is something your accountant could set up, and with other aspects, such as Public Liability Insurance and cover for all assets, the accountant will ensure that your business complies with the many rules and regulations connected with setting up a business.