Before deciding what kind of "Entrepreneur" you are,and what type of Company is best for you,please have a look at the following :
- Do you present your clients with invoices for the work that you do for them ?
- Do you work for more than one client ?
- Are you responsible for the losses of your business as well as taking the profits ?
- Can you hire other people on your own terms to do the work that you have taken on ?
- Do you have a lot of control over your hours and place of work ?
- Have you invested your own money in your business or partnership ?
- Do you use your own tools or equipment for your work ?
- Do you have to correct unsatisfactory work in your own time and at your own expense ?
If you can answer mostly "yes" then you are probably self-employed already,and should let the Inland Revenue know this or face in U.K.a fine of £100 if you fail to register within 3 months of becoming self-employed.
Being a sole trader is the easist way to run a one-to -one business,and does not involve paying any registration fees.Keeping records and accounts is straightforwarded,and you get to keep all the profits.But you are also solely liable for any debts your business runs up,which can make this a risky option for businesses that need a lot of investment.
In a partnership ,2 or more partners share the risk and the profits between themselves.A partnership is simple and flexible to set up,register and start doing business with.
See our special "Start-up international Package" ,which gives you for a reasonable fee,all the necessary tools to begin business at no time.
It is also adequate if your business proves to be unsuccesful in the end ,and you want to close it down.
In the other sections hereafter,you will find info on business loans and financing your targets.