How to choose the right business structure
Do you know if your business should be a sole trader, a partnership or a limited company?
There are different ways to set up and run your business and it’s important to understand which structure best suits your business and what you want to do with it.
Some of the things you should take into consideration are:
- Are you the sole owner of the business or do you have business partners?
- Are the people who own the business the same as the people who run the business?
- How much profit do you make each year
- How good are your administration skills?
- Do you purchase goods or services on credit?
- Do you give credit to your customers or clients?
- How much money do you want to take out of the business and how often?
This is not a definitive list but just some of the areas you will need to think about before you decide what structure is right for you.
There are different responsibilities which come with each type of business structure so it’s important that you know all about this before you make a decision.
We spend a lot of time listening to clients and then advising them on what we feel would be the right structure to best suit their needs so if you would like to have a chat about this we would be happy to see if we can help.
If you would like help on this or any other matter please get in touch.
I work with Val and beyond the Numbers, because they are exactly that..more than just the numbers. They work hard to understand my business, understand the business needs that are unique to me. They then shape the support and service around those needs.
What I particularly like is that they are up for doing all sorts of support, from basic book-keeping, through to strategic challenge and insight. Trusted partners.
Martin Ewart, Bigwheel Leadership Ltd
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