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Starting your own company


The business models most people choose are:


Sole Trader

If you are a sole trader, you run your own business as an individual and are self-employed.

·         You will need to keep records of your business’ sales and expenses.

·         You will need to send a self-assessment tax return every year.

For more information about Sole traders visit


Partnerships (LLP)

A partnership is the easiest way for two or more people to run a business together.

·         Each member pays tax on their share of the profits but are not personally liable for any debts the business cannot pay.

·         You must have a registered address (This will be publicly available);

·         You need to have an LLP agreement that says how the company will be run.

For more information about Partnerships visit


Limited by shares (LTD)

Limited by shares company is usually business that make profit.

·         Your company will have separate finances from your personal ones.

·         You must have at least one shareholder who can also be a director. If you are the only shareholder, you will own 100% of the company.

·         The company can keep any profits it makes after paying tax.

For more information about Limited companies visit


Limited by Guarantee (LBG)

This is a non-profit company. All profits will be invested back into the company.

·         Limited by guarantee have guarantors and a ‘guaranteed amount’ instead of shareholders and shares.

·         Guarantors promise an agreed amount of money to the company if it cannot pay its debts.

For more information about Limited companies visit


Rules for the activity of your company

Depending on your business activity, there may be other rules that you have to adhere to:

Selling goods online:

Buying or selling goods from abroad:

Store or use personal data:

Important things to check before you start trading:

·         License, Regulated body, Permits:

·         Insurance:

·         Where you work


Responsibilities will vary depending on where your business runs from:

·         Responsibilities if you run your business from home:

·         Responsibilities if you rent an office:

·         Will you be employing staff?


There are important things you need to know when employing your staff:

·         Running Payroll

·         Paying National insurance

·         Providing a workplace pension scheme


For more information, please visit

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