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Are you looking to start your own business?
Do you have an idea which you could run successfully as a business and be profitable?
Do you know what needs to be done?
There are many things that need to be thought about when starting up a new business and each one needs to be considered to ensure your plan turns into a feasible business.
As a start-up business, you need to consider the most suitable business structure for your situation.
Sole traders – It’s easier to set up as a sole trader, however you are directly responsible for your business’s debts. You also have some accounting responsibilities.
Limited companies – If you form a limited company, the company’s monies are detached from your personal finances and there are increased reporting and management responsibilities. There could be tax advantages with this route, which LB Group can advise upon.
LB group can help you to set up as a limited company.
‘Ordinary’ partnerships – An ‘ordinary’ partnership is the most straightforward way for 2 or more people to run a business together. You share accountability for your business’s debts.
Limited Liability Partnerships – This is a partnership in which some or all of the partners have limited liabilities. It therefore has elements of an ordinary partnership and a limited company.
On deciding what the best structure is for the business, LB Group can explain what tax obligation you will have and how the administration of these taxes work.
Financing your business needs consideration and can be through:
To raise funds, you will need to create an accurate business plan. LB Group can assist with this.
Consideration of specific obligations that are dependent on the type of business you are looking at, such as:
Employing people to support you in operating your business brings additional responsibilities including:
If you decide to become an employer, there are many things you’ll need to do first:
LB Group have the experience in assisting new businesses to start off on the right foot and can assist you on all the above and a range of other considerations including those listed below.
LB Group provide an invaluable monthly management accounts service, which can help you to run and manage your businesses more efficiently. We can help with the following: –
Our dedicated team at LB Group is well placed and highly experienced in dealing with all features of the Company secretarial role ensuring all aspects are dealt with on a timely basis:
One of the obligation of running your own business is to ensure you record the business transactions. We can assist with advising what system is most suitable for your business based on the size of the business and what information you need. Please see the section on our website about cloud based accounting which is becoming increasingly popular with many businesses.
We hope you have found this section useful. Please contact us to arrange your free no obligation consultation or if you wish to discuss anything further. We look forward to hearing from you.
LB Group Limited registered in England © 2019 Company Number: 2796741. Associate Directors are not statutory directors of the firm.
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