Starting a business > Forming a Business
Business Ideas - Forming a Business
Many people start a small business out of a hobby, and fail to realise that they are acutally running a business. Failure to register with the authorities that you are actually trading can incur fines of £100 or more if you fail to complete a tax assessment form. This even applies to people who have a regular job and just trade on ebay or do 'a bit of buying and selling' in their own time.
There are a few choices when it comes to your business trading style. many businesses start out as a sole trader or partnership, but it can be very tax efficient to start as a limited company. Check out the other pages in this section for a run down on the advantages and disadvantages of each type.
Get an accountants advice!
Before deciding on which type of business style to trade under, go and see an accountant. Everyones circumstances are different and you type of business will influence your decision. Your accountant will also be able to help you form a business and complete all the paperwork for you.
Most accountants will give you a free initial interview and this is worth taking up.
If you are looking for a book on the subject, we can recommend Start Your Business: Week by Week
