Which Type Of Business
If you are thinking “I want to start my own business”, the first big decision is which type of business would suit you best.
If you are a freelancer or consultant you may be encouraged to operate through a limited company and so have the choice made for you.
You need to think about the options open to you as a small business, think about which accounting services you might need and then think about the factors listed above – and then come and talk to Astons Accountants and we will help you decide.
Many people get advice from “friends and family” but that is not always reliable, up-to-date or suitable for you in your situation. There is no “one size fits all” answer to this question, and it is never a good idea to assume that what is best for you is the same as what would suit someone else.
Someone due to retire would need different advice to a person setting up fresh from college.
The decision is yours, but you need to decide what is right for you and your business. Every case is different and there are no “hard and fast” rules. We will be pleased to hear from you and talk it through with you to assist you in making an informed decision.
Factors To Consider
- Size of business
- Number of people involved
- Self-discipline with finances
- Profitability of the business
- Cash flow of the business
- Ability at record-keeping
- Attitude to record-keeping
- Image/status required
- Other commercial activities
- Need for protection of limited liability
- IR35 issues
- Lifespan/life expectancy of the business
- Exit plans