Tag Archive for Company formation

Hot Business News Today

Setting up as a sole trader – a business is born

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By James Johnson on Small Business – Advice and Ideas for UK Small Businesses and SMEs

Starting a new business is understandably an exciting and apprehensive time. First you have the business idea, perhaps carried out a little research on the demand for your product or service; one of the first decisions to make is what type of business structure to adopt. Setting up as a sole trader is a preferred option for many starting out.

The basic three options are sole trader, partnership or a limited company.

The most common form of business structure for start-ups in the UK is a sole trader, where you trade under your own or a business name. As a sole trader, the risks and rewards rest entirely with you.

>See also: Should I go sole trader, partnership or limited company?

Setting up as a sole trader

There are many ways for a sole trader to set up and start in business, from starting a trade, buying a franchise, taking a hobby to the next level, or inventing a new product or service. Successful businesses do, however, share common traits – a unique product or service or selling strategy.

Any new business owner will naturally be focused on establishing a customer

Read more...

Hot Business News Today

Setting up as a sole trader – a business is born

by  •  • 0 Comments

By James Johnson on Small Business – Advice and Ideas for UK Small Businesses and SMEs

Starting a new business is understandably an exciting and apprehensive time. First you have the business idea, perhaps carried out a little research on the demand for your product or service; one of the first decisions to make is what type of business structure to adopt. Setting up as a sole trader is a preferred option for many starting out.

The basic three options are sole trader, partnership or a limited company.

The most common form of business structure for start-ups in the UK is a sole trader, where you trade under your own or a business name. As a sole trader, the risks and rewards rest entirely with you.

>See also: Should I go sole trader, partnership or limited company?

Setting up as a sole trader

There are many ways for a sole trader to set up and start in business, from starting a trade, buying a franchise, taking a hobby to the next level, or inventing a new product or service. Successful businesses do, however, share common traits – a unique product or service or selling strategy.

Any new business owner will naturally be focused on establishing a customer

Read more...

Hot Business News Today

Should I go sole trader, partnership or limited company?

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By Anna Jordan on Small Business – Advice and Ideas for UK Small Businesses and SMEs
You’ve finally mustered up the courage to wave goodbye to your boss and are now going solo. Surely you didn’t think this would be easy, did you?
As a matter of fact, many who have made the same choice know that this is just the beginning.
This is the time for a series of decisions to be made. You can take comfort in the fact that once your company formation is in place, each step along the way will be easier.
A key decision to be made when starting your own business, or becoming self-employed for the first time, is to decide what type of business structure you want to follow.
There are a number of options, all of which have their merits and differ in legal and taxation terms – but your four key options are as follows:

Sole trader
Partnership
Limited liability partnership (LLP)
Limited company

Simon Renshaw, director of AABRS, explains what you need to know about each.
On your own as a sole trader
By opting for the sole trader route, you and your business are effectively one and the same – from both a tax and legal perspective.
This means that you

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Hot Business News Today

Forming a company: Choose your trading type

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Originally written by Joanne Harris on Small Business
Choosing to go self-employed is a career goal for many working people in the UK. More money, better hours, and a flexible work-life balance are just some of the reasons many people aspire to work for themselves. But should you become a sole trader, form a limited company or even a partnership? Choosing the right trading type is a crucial early decision.
Although the pandemic has caused issues for all types of businesses, it failed to dampen the nation’s entrepreneurial spirits, with the latest ONS data recording more than 4.3m people still registered as being self-employed as of March 2021.
As vaccinations speed up and lockdown restrictions ease, now could be the time to form the business you’ve been planning to set up over the past year.
However, before you start, it’s important to consider the right company trading type for you.
The way in which you register your business can impact your tax, take-home pay, legal responsibilities, and even personal finances, so it’s vital to look at all the options before you make your choice.
Sole trader
Being a sole trader is the single most popular way of trading as business, with almost 60 per cent of UK

Read more...

Hot Business News Today

Forming a company: Choose your trading type

by  •  • 0 Comments

Originally written by Joanne Harris on Small Business
Choosing to go self-employed is a career goal for many working people in the UK. More money, better hours, and a flexible work-life balance are just some of the reasons many people aspire to work for themselves. But should you become a sole trader, form a limited company or even a partnership? Choosing the right trading type is a crucial early decision.
Although the pandemic has caused issues for all types of businesses, it failed to dampen the nation’s entrepreneurial spirits, with the latest ONS data recording more than 4.3m people still registered as being self-employed as of March 2021.
As vaccinations speed up and lockdown restrictions ease, now could be the time to form the business you’ve been planning to set up over the past year.
However, before you start, it’s important to consider the right company trading type for you.
The way in which you register your business can impact your tax, take-home pay, legal responsibilities, and even personal finances, so it’s vital to look at all the options before you make your choice.
Sole trader
Being a sole trader is the single most popular way of trading as business, with almost 60 per cent of UK

Read more...

Hot Business News Today

2020 set to be record year for new companies created

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Originally written by Timothy Adler on Small Business
This year should see record number of companies created, with an extra 84,758 businesses setting up in 2020 compared with 2019.
This is equivalent to a 12.3 per cent increase year on year, which is the highest percentage growth since 2011 and the highest actual growth on record.
Between June and August, an additional 59,358 new companies were created at Companies House, according to research.
>See also: How to become a sole trader
Sectors seeing the highest growth included e-commerce (up 88 per cent with 12,490 new businesses registered), clothing (up 55 per cent) and, unsurprisingly, retailers of medical goods (up 176 per cent).
Although on the face of it the SHL research is good news, the reality is that many new companies are created by those who have lost their jobs because of Covid-19.
Rather than create employment, 77 per cent of the UK’s 6m small businesses are sole traders offering little chance of employment to others.
>See also: Registering a company name – a Small Business guide
And there is also a question mark as to how many of the 59,538 companies created between June and August are even legitimate, given the widespread fraud which has gone on with

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Hot Business News Today

2020 set to be record year for new companies created

by  •  • 0 Comments

Originally written by Timothy Adler on Small Business
This year should see record number of companies created, with an extra 84,758 businesses setting up in 2020 compared with 2019.
This is equivalent to a 12.3 per cent increase year on year, which is the highest percentage growth since 2011 and the highest actual growth on record.
Between June and August, an additional 59,358 new companies were created at Companies House, according to research.
>See also: How to become a sole trader
Sectors seeing the highest growth included e-commerce (up 88 per cent with 12,490 new businesses registered), clothing (up 55 per cent) and, unsurprisingly, retailers of medical goods (up 176 per cent).
Although on the face of it the SHL research is good news, the reality is that many new companies are created by those who have lost their jobs because of Covid-19.
Rather than create employment, 77 per cent of the UK’s 6m small businesses are sole traders offering little chance of employment to others.
>See also: Registering a company name – a Small Business guide
And there is also a question mark as to how many of the 59,538 companies created between June and August are even legitimate, given the widespread fraud which has gone on with

Read more...

Hot Business News Today

New company launches fell by a quarter between January and May

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Originally written by Timothy Adler on Small Business
The number of new company launches in the UK fell 25 per cent on average between January and May as COVID-19 swept through Britain.
The biggest fall of 40 per cent was during the four weeks following lockdown on March 23, according to a new Economics Observatory report.
The figures are important because new bussinesses are the engine room of the economy, employing more young people whose job prospects have been worse hit by the virus.
>See also: 5 best ideas to start a small business post coronavirus
In America, where the data is more complete, an average 16.3m jobs are created and 14.9m jobs are destroyed each year. This means that annually a third of all US jobs are either new or destroyed.
However, start-ups in the US create 2.9m more jobs than they destroy each year, so microbusinesses are large contributors to job creation. In addition, it is start-ups which are often the most productive when it comes to lifting aggregate productivity growth.
>See also: Top 10 tips for single parents who want to start their own business
The good news is that since May’s reopening, UK registrations have bounced back, with Economics Observatory suggesting just 7,100 fewer

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Hot Business News Today

Protecting your privacy – keep your business address separate

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Originally written by Legal Zoom on Small Business
We understand that privacy is important and needs to be protected. People take measures to ensure their privacy is protected in many aspects of their personal life. That’s why we at LegalZoom are all about protecting your privacy too.
Let’s take social media for example; by limiting people who can view your profile and not having your personal address and phone number available on social media platforms, you are protecting yourself from unwanted invasion of privacy and unsolicited messages.
Why should this be any different for your business?
When you set up your business, you must have a registered office address and a service address. Your registered office address is displayed on the public register – which anyone can access, it will be on all company literature and public documents and is where all statutory documents from Companies House and HMRC will be sent, as well as any junk mail.
>See also: Start your company the simple way
Wouldn’t it be great if there was a way in which you could use the same principles of protecting your privacy on social media and apply them to your business, avoiding invasion of privacy and unsolicited notices?
This is where we

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Hot Business News Today

Start your company the simple way

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Originally written by Legal Zoom on Small Business

At LegalZoom, our aim to make the process of starting a limited company as easy as possible. Our formation packages to start your company range from the bare basics to everything you could possibly need. The online form takes roughly 20 minutes to complete, but you’re not alone while you’re doing it. Our support team can be on hand to help during office hours, 9am to 5:30pm Monday-Friday, either by phone or email to make your company formation as straightforward for you as possible.
Our Peace Of Mind package, priced at £99.99 + VAT, includes a whole range of services we have to offer, plus one-year free subscription to our Registered Agent service, saving you money to invest in your business. This package is for anyone who wants to ensure everything is covered.
>See also: The GOAT (greatest of all time) guide on how to start a home business
The Privacy package includes all but the confirmation statement service. It does include our RA service free of charge for three months and anti-fraud protection. At £59.99 + VAT, this package is for people who don’t want to have to worry about breach of privacy and get

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