Starting a new business
There are a number of ways to set up a business whose objective is to re-invest profits rather than distribute them to shareholders. Not-for-Profit Organisations The main form of business in this category is the Company Limited by…
A Private Limited Company differs from a Public Limited Company in so far that it is generally set up by a few owners who also become the shareholders of the Company. Note: A Limited Company is referred to as…
A partnership exists when more than one person comes together to start a business unless they have set up as one of the other legal formats. The partnership will need to register with HMRC and pay Income Tax and National…
A sole trader is the simplest form of business to set up. However, it may not be the right format for your particular circumstances. You must notify HM Revenue & Customs that you have started to trade as soon as…
When looking to start a new business you need to consider what legal format the business will take. There are various formats to choose from and we suggest you work with your Business Adviser to choose the most suitable option…
How many businesses are there in the UK and what is the reality about their contribution to the economy? In October 2010 the Department for Business Innovation and Skills published a report entitled ‘Small and Medium-sized Enterprise (SME) Statistics…
