Considerations when starting up a new business

Considerations when starting up a new business

When deciding to start up your own business, there are many things to think about and consider. Here are just a few of the things we think should be top of your list..

One of the first questions to ask is: which type of business structure will work best for you and your business? The most common type of business structure when starting up is to trade as a sole trader (or partnership if there is more than one person). This is mainly because it is cheap and easy to form with few administrative burdens.

However, this structure has one major flaw in that your liability will be unlimited, meaning that you would be held personally liable for the financial obligations and debts of the business. Therefore, to bypass this personal liability, you may want to consider forming a private limited company which will offer you better protection in the form of limited liability.

Once you have decided which business structure you would like to adopt, there are additional considerations which should be taken into account. You should consider how you and others will document how you do business together, whether it is you and your co-owners, or you and your customers/suppliers. Shareholder or Partnership Agreements and Terms and Conditions are key documents that will outline the day to day management and operation of your business and which will benefit you greatly in the event of a dispute.

As a firm, we can offer you fixed fees for our services to enable you to effectively manage your budget and start-up costs. In addition to this, we endeavour to provide you with clear, plain English advice and to keep you updated and completely involved in your matter.

To find out more or discuss your individual requirements in further detail, our dedicated team of Commercial Solicitors will be delighted to help. Contact us today on 01603 693500 or email us using the 'Make an enquiry' form. Appointments available at our Norwich, North Walsham and Sheringham offices.