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Cardwell Management Services UK Limited
Regency House, 45-51 Chorley New Road, Bolton, BL1 4QR
Cardwell Management Services UK Limited
Regency House, 45-51 Chorley New Road, Bolton, BL1 4QR
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Just4contractors.com > New to Contracting > Choosing the right business structure
What's the right structure for me?
This is a question asked by all Contractors when they first move into the contracting marketplace and I suppose there isn't a right or wrong answer other than it depends on your circumstances and preference.
Outlined over the next few pages are the options available to you;
Limited Company
Limited Liability Partnership
Partnership
Sole Trader
Umbrella Company
Click on each option for more information and guidance as to how you can proceed.
Whichever way you choose to operate it is important to appreciate that running a business is not simply working in a different way.
Once you set up a business you enter a whole new realm of laws and regulations. It is essential that you begin to think and act as a business, not just as a worker who is operating through a business set up for convenience. For example, by law, if you form a limited company you will need a company nameplate at your registered office, although we have not found any instance of this rule being enforced.
You should have letterheads, business cards, a business name and identity. You need to start thinking in terms of the business, not you as an individual. You should think about having a business telephone line installed separate from your private line. If you already possess a desk, computers, fax machine, photocopier, etc., you should consider “selling” these to your business, initially recording the value as a personal loan to the business from you, in the form of set-up expenses. You may also consider putting some of your own personal money into the business as a loan from you to the business. These can be repaid later as the business begins to generate income.
It is worth investing a small amount in a good book on Company Law for the business person.
See Also
Recommended Links
Outlined over the next few pages are the options available to you;
Limited Company
Limited Liability Partnership
Partnership
Sole Trader
Umbrella Company
Click on each option for more information and guidance as to how you can proceed.
Whichever way you choose to operate it is important to appreciate that running a business is not simply working in a different way.
Once you set up a business you enter a whole new realm of laws and regulations. It is essential that you begin to think and act as a business, not just as a worker who is operating through a business set up for convenience. For example, by law, if you form a limited company you will need a company nameplate at your registered office, although we have not found any instance of this rule being enforced.
You should have letterheads, business cards, a business name and identity. You need to start thinking in terms of the business, not you as an individual. You should think about having a business telephone line installed separate from your private line. If you already possess a desk, computers, fax machine, photocopier, etc., you should consider “selling” these to your business, initially recording the value as a personal loan to the business from you, in the form of set-up expenses. You may also consider putting some of your own personal money into the business as a loan from you to the business. These can be repaid later as the business begins to generate income.
It is worth investing a small amount in a good book on Company Law for the business person.
See Also
Recommended Links