Picking The Right Legal Identity For Your Business

Wednesday 01 August

If you’re thinking of starting up in business, or have already started, an important decision to make (usually!) before you start trading is – what legal form your business should take.

If you’ve been in business for a while you might be considering whether the identity you’ve picked is the right one!

Whatever you decide is not permanent – it can be changed at any time, but it can cost time and money to undo mistakes. Pick a good accountant at the outset and ask him/her for their advice after discussing plans and goals for your business.

You can choose between doing business as:

• A Sole Trader
• A Limited Company
• A Partnership
• And a Limited Liability Partnership (LLP)

Each category has its merits and its drawbacks, and it is your own specific circumstances which dictate the one which is best for you and your business.

Principle questions your accountant should prompt you to ask yourself (and provide you with information to answer):

• Which one saves you the most tax?
• Which one protects you and your family in the event that things go badly?
• Which one gives your business the best credibility?
• Will your customers care which one you choose?
• Which one causes you the least red tape and paperwork?
• Which one gives you the best platform for future growth?
• Oops! You’ve already started trading with the wrong identity. Is it too late to change now?

We hope to answer these questions over the coming months and map out the pros and cons of each option for you.

• Local Attractions
• Where To Stay
• Food & Drink
• Shopping
• Sport & Leisure
• Ripon Tours
• Map of Ripon

What's On

• News
• Tourist Information Office
• Community Links
• Car Parks
• Public Transport
• Useful Phone Numbers

• Home
• About Us
• Contact Us
• Link To Us