Many businesses start up with just one person, known as a  ‘sole trader’. If you set up as a  ‘sole trader’ you’ll be classed as self employed which means you’ll be your own boss and be responsible for:

  • Managing your own time.

  • Looking after all of your company’s admin and accounts.

  • Taking risks with your own money, particularly if you’re leaving secure full-time employment.

Whether you set up as a sole trader, partnership or limited company, your business is likely to involve working with more people to develop and sell your idea-including partners, suppliers and distributors. You might want to work with some one who has hands-on experience of running a business and dealing with financial planning and forecasting. There are many things to consider, such has:

  • Setting up suppliers and negotiating terms, conditions and price discounts.

  • Setting up a web site, this will involve working with  partners to start up your IT System.

  • Working with legal advisers when you start  up your business. This is particularly important if you want to sell shares or obtain licences and lease agreement.

Risks associated in setting up in business

It’s very important to understand the different risks and benefits before you choose whether you start up as a sole trader, limited company or partnership:

  • You will need to consider the amount of financial risk you’re taking on and may need guidance in that area.

  • The way you’ll need to pay tax, and report to HM Revenue & Customs ,  (HMRC) and Companies House ( for limited companies and some types of partnerships).

  •  How much control you have over how your business is run  if you are in a partnership agreement.

Employing people

You may need to take on people who have specific skills to help run your business . You will then need advice and guidance  finding out your legal responsibilities as an employer, including PAYE, Tax and Insurance, also employers liability and public liability insurance before you start in business.

We can help, assist, and guide you through the mind field of legislation and regulations to get you up and running.