Business Types & Structures

Business Type & Structure

You will need to elect a business type or structure for your business and getting this right is essential – making the wrong choice can change how much tax you pay and how you account for your business.

Once you have completed your pre-planning research and have a fairly high level of confidence that the market exists for you business idea, there are several key considerations and choices you need to look at.

Here at Yorkshire Powerhouse, we strongly recommend that you seek professional advice on this area from an accountant or business advisor.

In essence there are four main options –

  • Sole trader
  • Partnership
  • Limited liability partnership (LLP)
  • Limited company

Being a sole trader simply means that you register with HMRC as a self-employed person.

A partnership is considered on the same basis as a sole trader but obviously requires all parties within the partnership to register on the same basis. It is also very important to have a partnership agreement in place to ensure everybody involved knows exactly what they are expected to contribute and what their liabilities and obligations entail.

We’ve provided a couple of guides on sole traders and Limited companies but there is much more information about all the different options at https://www.gov.uk/topic/company-registration-filing/starting-company

Structure your business effectively from the start, understand your needs and the businesses needs

Business type thinking from Yorkshire Powerhouse

Have you any questions?

Here at Yorkshire Powerhouse, we’re happy to help as much as possible – is there anything else we can do to help you, do you have any further questions or can we help introduce you to an expert – please let us know:

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