Thinking of starting a new business? Setting up company involves a number of issues which you must consider reviewing.
Besides, there are some specific factors that need to be looked into before initiating your business as a sole trader, business partner, or a limited company founder. The legal structure of your commercial enterprise counts on three main constituents – your risk taking mentality, type of commercial activity, and business engagement with others. There are different ordinances, or standards and supports which come into the picture depending on your current business situation.
Limited Company
A limited company business is largely different from that of a sole trader. While the owner of a sole trader commercial setup is individually held responsible for any sort of debt acquired, a limited company setup is totally a discrete or distinct legal unit for the directing personnel of the company. The directors of a limited company are taxed in a similar manner as the regular employees of a company. If the company directors fail to fulfil their responsibilities and if in case, the company happens to become a failure, then it becomes very difficult for them to work at the same position in any other company. Besides, they are subjected to the liability of debts incurred.
Sole Trader
While some peculiar trades such as adult outlets, weapon shops, nursing homes, restaurants, etc., do require legal licensures, it is much simpler to establish a sole trader business as compared to other legal structures. You need to be aware of the authorised Acts of Parliament in order to keep your business under the right, lawful impression. The ‘Supply of Goods and Services Act 1982’ marks your dedication towards supplying the offered products with utmost skills and care and at reasonable costs. The ‘Trade Descriptions Act 1972’ holds you legally responsible if your business depicts deceptive or faulty claims (whether written or oral) relating to the services offered.
Business Partnership
A business partnership is where two or more professionals come together to set up a business entity. Like the sole traders, business partners are also known to be responsible for the debts acquired, not only by themselves, but also by their co-partners. The share (in percentage) of each of the business partners is offered according to the investments made individually by them. One of the most important aspects of setting up company with partners is the legal partnership agreement. The agreement causes the collaborators to work on different issues such as deciding the type of structure and possible itineraries to depart from the business.
Tax
The nature of business you own decides the tax requirements. With a view to ensure that your business pays the right tax figure, you need to be cognizant with various types of business tax such as the unincorporated business tax. This tax applies to sole owners on their overall profits whether they are withdrawn from the business or not.
For improved implementation of the procedure of setting up company, you are optional to take help from the famous company organization agents who offer several additional services that are worth incorporating.
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