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Choosing a business structure

27 January 2016

employee share scheme

After the start of a brand new year, changing something about the way you do business can make you feel like you’ve turned a new page. This could be anything from launching a new product or service, redesigning your company logo to ordering new office stationery.

Switching your business’s structure is one such way of changing the way you do business. Sole traders, having recently struck up a good relationship with another like-minded individual, might be thinking about entering a partnership. Having eyed up the potential tax advantages, existing partnerships may be looking into the process of incorporation.

However, changing the structure of your business is not something that should be done on a whim. Uprooting a business from its foundations can have dramatic effects if your planning is insufficient or if there are no tangible benefits to changing in the first place.

Before you embark on any structural changes, you should ask the question: is this really necessary?

  • Becoming a sole trader
  • Forming a limited company
  • Entering a partnership
  • Sole trader vs partnership vs limited company

 

To view this article in full, please click here. 

If you require more information, please do not hesitate to contact a member of the team on 01772 741200.

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