Bringing an idea to life can be tough, it’s a big step which is why many people put it off and wait for the ideal time to launch. There are two ways to approach this, the first is following the statistics.
Running a business isn’t for everyone, roughly 33% of small businesses fail in the first two years and around 50% during the first five years.
The best way to make sure your business is a success is to know what the risks are and prepare for them. So, what are the reasons that businesses can fail?
If you don’t want to start a business on your own a business partnership may be a good option. Follow this guide to find out everything you need to know about the requirements and responsibilities of setting up a business partnership.
Incorporating a small business as a business entity is important as an incorporated business receives liability protection for its personal assets, tax savings, and added credibility for the company.
Forming a company is a process of legally incorporating and registering your company with Companies House. The fastest way to do this is by completing an online application form.
Your business plan will become the guideline to each stage of your business, helping you to structure and grow a new business. They can help you with funding, providing investors with the information they need to feel confident that they will see a return on their investment.
There are different rules for different types of business, so as a sole trader do you need a business name? The quick answer is no, although it can be beneficial to have a separate business name.
It is possible to change the name of your existing limited company. The registration number and date of incorporation will remain the same but the registered name will change and providing your chosen new name is available to be registered.
The term offshore refers to a business entity established outside the area where the business owner resides. An offshore company conducts all of its transactions outside the borders where it is incorporated. It is owned and exists as a non-resident entity, therefore meaning it is not liable to local taxation.
In order to comply with the rules under the Companies Act 2006, there is a lot to think about when forming a limited company. One obligation is that your company must affix or paint its name on the outside of its registered office and every office, factory or place in which its business is carried out.
* All timescales are dependent on how busy Companies House/HMRC are and if their system is operating normally.
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