Financial Consultation & Advice for Business Start-Ups in Wickford, Billericay & Essex
The decision to be your own boss can be an exciting and stimulating one, as long as you go about things sensibly, taking the time and effort to prepare. People often ask our advice about which would be the best business structure for their new start up, and this is an area in which we can offer experienced advice. During consultation we will cover aspects such as taxation, liability, company ownership and legalities. Your new business in Wickford or Billericay will benefit from careful planning and forethought, taking into account your situation, hopes and intentions.
You could choose to be a sole trader, requiring that you inform HRMC, and keep your own business records. This is a popular option due to there being less formalities to satisfy, as long as you keep track of your yearly profits. Once these are established, they will inform your tax and national insurance payments, and you keep any profits.
Business Partnerships Agreements, Sole Trading & Limited Companies, Wickford
Partnerships are a form of sole trading, where two or more people pool resources such as clients, skills and business contacts, eventually resulting in an effective and successful business in Wickford. Having a Partnership Agreement drawn up, covering things like the sharing of profits, responsibilities and liabilities is crucial, however good your relationship. Each partner is taxed according their profit percentage, and can enjoy profits once business debts are paid off. Although if debts are not paid by one of the partners, responsibility could fall to the other partner.
A limited company can own assets, trade and incur debts separately from its owners, or shareholders. You can be the owner, shareholder and employee of a company, but any profits are owned by the company. To withdraw money you must pay a dividend to the shareholders, or a salary if an employee. These factors can be balanced in order to reduce your tax and national insurance responsibilities. Operating as a limited company has many advantages, such as limited personal liability but also some disadvantages like administrative responsibilities.
Limited Liability Partnerships & Co-operatives in Billericay
Larger partnerships in Billericay and other parts of Essex, may choose to set up as limited liability partnerships, which recreates the limited company scenario except when it comes to taxation. Then it is treated more like a partnership in this respect, with less taxation and national insurance flexibility.
There is also the option of setting up a co-operative, which is a mutual organisation owned by its employees. It is advisable to consult with a financial expert like John S Culwick before embarking on an arrangement of this nature, as there is a particular need for clear and specific guidance.
Small Business Awards & Company Networking in Wickford, Billericay & Essex
Once your new business in Wickford or Billericay is up and running, you might be interested in trying to achieve an Essex Small Business of the Year Award. Aimed at championing new start ups in Essex, and encouraging their ongoing success the awards have been held for over 20 years. Business owners may choose from a list of categories including ‘small business of the year’, ‘young entrepreneur of the year’ and ‘business woman of the year’
These black tie events see people gathering at venues like the Cliffs Pavilion in Westcliff, the Towngate Theatre in Basildon and Charter Hall in Colchester for a glittering annual celebration. The awards were originally developed to help grow a healthy local economy in Essex, and raise company awareness. These spectacular nights also have a serious side as networking opportunities abound and positive associations can be formed.
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Financial Consultation & Advice for Business Start-Ups in Wickford, Billericay & Essex, Business Partnerships Agreements, Sole Trading & Limited Companies, Wickford. Limited Liability Partnerships & Co-operatives in Billericay. Small Business Awards & Company Networking in Wickford, Billericay & Essex
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