When starting up your business, it’s worth taking time to think through which legal structure will be the best for you and the way you intend to do business.
The legal structure you choose will affect:
- the business records and accounts you require to keep
- the way in which management decisions are made about the business
- which authorities you require to notify about your business start up
- the tax and National Insurance you will be due to pay
- your financial liability in the event your business runs into trouble
- the ways in which your business can raise investment