Is Your Business Structure Working For You?

Is your business structure costing you a lot of money?

Yes, I’m asking you! Whether you’re new to this or have been in business for years, all business owners need to assess personal circumstances and establish if it’s the right business structure or not – before losing money you may not be able to afford!

If you’re a new business owner, you need to know this:

As well as innovation, creativity and drive, in order for your business to attain freedom and success, it needs structure.

Take yourself back to when you decided to set up your business. Were you craving freedom and success and all that comes with that?

Did you know that how you structure your business (how you register your business) can help you attain that freedom and success?

Choosing the right business structure acts as a solid foundation for building your empire.

Who doesn’t want that?

So yes, it’s important to knowing the difference between being a sole trader & a limited company. It can even be life-changing and here’s why:

But wait! Registering your business isn't a “one size fits all”. It really does depend on your personal circumstances.

Ask yourself:

1. Is this my primary income?

2. Who do I choose to work with?

3. What work is involved?

4. How much money am I willing to invest?

So what are the different business structures and who are they good for?

The most popular structures are Limited Companies and Sole Traders but I’ll share information about the 4 structures. Which one suits you best?

Sole Trader Pro's and Con's. This is the easiest structure to set up in the UK and the cheapest to run but it might cause you problems if you need to secure finance or are VAT registered.

Limited Company Pro's and Con's. It can be amazing for tax efficiency and more of a protection for you personally BUT it's less private and you are unable to withdraw money as you like.

General Partnership. This is a great and easy way to do business if there are more than 2 of you. However one partner has to be nominated to take responsibility and each partner is personally responsible for any debts the business may incur.

LLP. This has the combined advantages and disadvantages of a Limited Company and a General partnership. Plus the accounts? A little more complex.

Got lots of questions and unsure where to start? Don’t worry, we have you covered. Book your power hour with us today and we can go through that with you. Let us help YOU succeed.

Oh and while you're here have you seen our popular Tax Trackers?

Our Tax Tracker is the tool you need! Find the one that suits you best.

Grab yourself a bargain before they bounce back to full price!

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Take care and see you here next time.