Setting Up a Business
There are a few variables to consider when setting up a business, and how you need to register. Most businesses will register under sole trader, limited company or partnership.
Sole Trader – Simpler to set up, however you are personally responsible for your business’s debts.
Limited Company – Finances are separate from your personal finances. This means there are more reporting and management responsibilities.
Partnerships – This is the simplest way for two or more people to run a business together. Responsibility is shared for the business’s debts.
There are other factors to consider when setting up a business, such as:
- Where the business is run.
- If there are other employees.
- Licences or permits.
- Insurance.
- Rules for selling goods.
- How you store or use personal information.
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