Henry Morgan House Barnsley S71 3PQ
01226 700100

The Business of setting up your Business…

Sometimes the road to setting up your own business can seem like a lonely and very worrying place. However we have helped lots of people on that journey and we are confident we can help and support you too.

Deciding on the structure of your business in an important first step because it affects your legal responsibilities and we can guide you towards whether being a Sole Trader, Limited Company or Partnership is right for you as you set out on your journey.

Sole Trader
As a sole trader, you run your own business and can keep all your business’s profits after you’ve paid tax on them. You’re personally responsible for any losses your business makes.

Limited Company
A limited company can effectively run your business - it’s responsible in its own right for everything it does and its finances are separate to your personal finances. After paying Corporation Tax the Company can then share its profits.

Partnership
This is similar to being a Sole Trader where legal liabilities are concerned. In a business partnership, you and your business partner personally share responsibility. You each pay tax on your share of the profits but you are personally responsible for any losses your business makes and for invoices it needs to pay. An alternative is a limited partnership or limited liability partnership.

How else can we help?

If you are more confused than ever now, why not take advantage of our free first meeting to find out more? We can also offer services such as:

  • We can check the availability of company names and form a company.
  • We can advise on the most suitable shareholding structure.
  • We can provide company secretarial support to comply with Companies House requirements.
  • And on top of all that our clients are free to use our address as the registered office address.

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