Guides

If you have decided to start up your own company, you are more than likely thinking about where you begin.

 

This all depends on the answers to the following:

The type of business you are going to have.
Where you are going to work from,
Are you going to have any employees?
 

The business models most people choose are:

Sole Trader

If you are a sole trader, you run your own business as an individual and are self-employed.
You will need to keep records of your business’ sales and expenses.
You will need to send a self-assessment tax return every year

 

Partnerships

A partnership is the easiest way for two or more people to run a business together.
Each member pays tax on their share of the profits but aren’t personally liable for any debts the business can’t pay.
You have to have a registered address (This will be publicly available)
You need to have an LLP agreement that says how the company will be run.

For more information about Partnerships visit www.gov.uk/guidance/set-up-and-run-a-limited-liability-partnership-llp

 

Limited by shares (LTD)

Limited by shares company is usually business that makes a profit.
Your company will have separate finances from your personal ones
You must have at least one shareholder who can also be a director. If you are the only shareholder you will own 100% of the company.
The company can keep any profits it makes after paying tax

For more information about Partnerships visit www.gov.uk/guidance/set-up-and-run-a-limited-liability-partnership-llp

 

Limited by Guarantee

This is a non-profit company. All profits will be invested back into the company
Limited by guarantee have guarantors and a ‘guaranteed amount’ instead of shareholders and shares.
Guarantors promise an agreed amount of money to the company if it cannot pay its debts.

For more information about Partnerships visit www.gov.uk/guidance/set-up-and-run-a-limited-liability-partnership-llp

 

Rules for the activity of your company

Depending on your business activity, there may be other rules that you have to adhere to:
Selling goods online:
www.gov.uk/online-and-distance-selling-for-businesses
Buying or selling goods from abroad:
www.gov.uk/starting-to-import Important things to check before you start trading:
License, Regulated body, Permits:
www.gov.uk/licence-finder
Insurance:
www.abi.org.uk/products-and-issues/choosing-the-right-insurance/business-insurance/

Where you work

Responsibilities will vary depending on where your business runs from:
Responsibilities if you run your business from home:
www.gov.uk/run-business-from-home
Responsibilities if you rent an office:
www.gov.uk/renting-business-property-tenant-responsibilities

Where you work

Responsibilities will vary depending on where your business runs from:
Responsibilities if you run your business from home:
www.gov.uk/run-business-from-home
Responsibilities if you rent an office: www.gov.uk/renting-business-property-tenant-responsibilities

Will you be employing staff?

There are important things you need to know when employing your staff:
Running Payroll
Paying National insurance
Providing a workplace pension scheme

For more information please visit
www.gov.uk/employing-staff

*For more information, please follow the link below:
www.gov.uk/browse/business/setting-up