Register your business name with us today, and promote your business using our marketing services. When analysing the different types of business ownership options, focus on the ones that suit your business needs and requirements in the best way
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Register your Business name
Business Registration
Register your business – Sole Proprietorship
A sole trader or proprietorship is a self-employed individual and the owner of his or her business. The simplest type of business activity, this form of business is usually adopted by small business entities. To start a business as a sole trader you’ll have to register with HMRC (HM Revenue and Customs).
Advantages:
- Easy to form and you have maximum privacy
- The sole trader enjoys sole control of the business and profits
Disadvantages:
- The sole trader is personally liable for all business losses and liabilities. In order words, creditors or lawsuit claimants may have access to the owners personal accounts, assets or property if the sole trader cannot pay his debts
Everything Started as Noting - Ben Weinssenstein
Register your business – A Private limited Company
A limited company, or LTD, is a type of privately held small business entity. The business must be incorporated legally with the Companies House. Registering your business as a limited company allows you to create your business as a separate entity.
Advantages:
- Offers limited liability to the business owner.
- Separate legal Entity. As a separate entity, it can enter into contracts and liable for all business actions.
- Professional status
- Credibility and trust
- Investment and lending opportunities
- Tax efficient
Disadvantages:
- Privacy issues. A limited liability company must be registered with the Companies House in the UK. That means company’s accounts, records, directors and company shareholders can be assessed by anyone.
- You may need the help of an accountant to help with tax affairs
A Business Idea is to Make Other Peoples Life Better - Richard Branson
Register your business – Partnership
This business partnership model enables you to go into business with someone else without the perceived formality of a limited company.
The ownership of the business is shared amongst the partners and this includes all income as well as all debt and liability.
Advantages:
- Easy to get started and partners have mutual support
- Access to knowledge, skills, experience and contacts
- Privacy – Business affairs are kept confidential by partners
- More partners, more capital
- Easy access to profits: Profits are shared between the partners
Disadvantages:
- A partnership business has no independent legal existence.
- The partners are personally liable for debts and losses incurred
- Partners must demonstrate flexibility and be ready to compromise to avoid conflict with other partners.
