When starting a new business, its important to assess its viability and that the legal, financial and other aspects of running a business are considered.
We can provide help and advice in assessing the profitablity of the new business, choosing the right financial structure, and guide you through the regulatory maze of business formation, accounting and tax as follows:
CHOOSING THE RIGHT BUSINESS STRUCTURE
Self Employed Business - Sole Trader
This is the simplest form of business structure. A sole trader is not distinguished from the business owners personal affairs. If the business incur debts, creditors can seek payment from the business owner. SERVICES & SOLUTIONS.
A partnership in similar in nature to a sole trader but involves two or more business partners. A written agreement is essential so that all partners are aware of the partnership terms. The business and personal affairs of the partners are not legally separate. SERVICES & SOLUTIONS.
A Company is a legal entity in its own right, separate from the personal affairs of the shareholders and directors. A Company provides protection from liability which means that the creditors of the company cannot make a claim against the shareholders and directors except in limited circumstances. Limited Companies require greater legal requirements and regulations that must be complied with. SERVICES & SOLUTIONS.
Limited Liability Partnerships (LLPs)
LLPs is a business structure halfway between partnerships and companies. They are taxed in the same way as a partnership but are legally a corporate body.