Setting Up a Brand New Business
Posted On July 4, 2019
What you need to do to set up depends on your type of business, where you work and whether you take people on to help.
Register your business
Most businesses register as a sole trader, limited company or partnership.
It’s simpler to set up as a sole trader, but you’re personally responsible for your business’s debts. You also have some accounting responsibilities.
If you form a limited company, its finances are separate from your personal finances, but there are more reporting and management responsibilities.
Some people get help from a professional, for example, an accountant, but you can set up a company yourself.
A partnership is the simplest way for 2 or more people to run a business together.
You share responsibility for your business’s debts. You also have accounting responsibilities.