Deciding on the Right Structure
When you’re starting a new business, one of the first considerations to make is whether you should you operate as a sole trader / partnership or as a limited company.
There are pros and cons for each option, but normally the decision should be reasonably straightforward when you have a business plan in place and know what you want to achieve.
The key difference from a legal perspective is that as a sole trader / partnership you are legally inseparable from the business. Whereas with a company, a separate legal entity is created. This means that the company can have Limited Liability, and this can protect your personal assets in case the business fails.
There are some other structures available for specific cases, such as an unlimited company or a company limited by guarantee. We can advise if these would be appropriate given your circumstances.
Why HLB Sheehan Quinn
Once the decision is made on the appropriate structure HLB Sheehan Quinn can guide you through the formation process. This could include matters such as registering a business name, forming a limited company, registering for the appropriate taxes and providing a registered office.
We have successfully advised SMEs for more than 40 years throughout their business life cycle. Our team of experts, with a single point of contact assigned, will help you make the right decisions for you business from the start and take the pain out of the bureaucracy of business formations.
If you are considering starting a new venture and need help forming your business please contact us today and we’ll be delighted to begin the journey with you.