Starting a business can be an exciting but scary time full of new experiences and obligations.
It is important to know that you are heading in the right direction, and you are aware of your options before you go too far down the line.
Choosing a business entity is an extremely important decision, and one that must be carefully considered before jumping in.
Most people are aware of the limited companies, but the advantages (and disadvantages) of operating your business via a company are not always clear when starting out.
Operating through a company can offer protection (limited liability) over your personal assets, as well as offering potential advantages from a tax and ownership point of view.
However there are greater obligations and requirements when becoming a director/shareholder compared to operating as a sole trader, so it is vital that you are fully aware of these if going this way.
I would always advise you speak to a good accountant as early as possible to appraise what would suit your business. You will then be able to make an informed decision which way to go.
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Author: Plus Accounting
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