Business Point
You need to decide on the business structure that best suits your business needs. This decision will determine what type of registration procedures you need to take.
The four main business structures used by small businesses are:
- Sole Trader: an individual trading on their own
- Partnership: an association of people or entities carrying on a business together, but not as a company
- Trust: an entity that holds property or income for the benefit of others
- Company: a legal entity separate from its shareholders.
You may want to consult a professional business adviser, accountant or solicitor for advice. Qualified specialists will be able to expertly advise you on factors to consider when deciding on a structure such as the financial cost of set-up, the taxation implications, the expense of ongoing administration and your personal financial liabilities.
For information on the advantages and disadvantages of each business structure, check out the:
Choosing an Ownership Structure for Your Business business guide.
You can access a complete range of "how to" business guides by clicking here
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Email: businesspoint@
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