Congratulations! You've decided to start your own business. You already know what you will be doing, but you'll be unclear how to go about the start-up.
Getting your business up and running is easy, isn't it? You get out there and find premises if you don't plan to work from home, advertise your services to potential customers and wait for the business to come in.
Well....yes and no. There are a few steps you need to take before you start trading.
You should decide what business structure to have. Not very exciting, but essential to avoid possible disruption later on.
The simplest and easiest to business form is Sole Trader. You are the business and can get started very quickly. However, you are personally responsible for the liabilities of your business.
If you have a friend/ colleague/family member who wants to work with you, a partnership might be the more appropriate form of business. This can be set up quickly, but does involve a little more work. The partners are responsible for the liabilities of the partnership.
If you want to protect your personal assets, forming a company might be a better option. More details specific to companies can be found here.
At Acorn Accounting we have lots of experience of helping people new to business get started. We will advise on the most appropriate business form - sole trader, partnership, company - and take you through the process. This includes registering with HM Revenue & Customs within their deadlines.
We can advise on banking and record-keeping and help you ensure that you haven't missed anything important.
If you are thinking of starting you own business, talk to us now. Call 01592 769769 for a chat.