Consider business structure
Creating a new business is an exciting time for any first-time entrepreneur, but it also comes with making big decisions – one of these will be when you must choose which structure your business will take.
Whether you are looking to form say a company or a partnership, it is important to know that there are varying legal and financial requirements that surround each one. Ask yourself which structure will best help your business to grow and flourish?
For instance, many small businesses are set up as a sole trader. A sole trader is one individual who owns the business.
However, choosing the business structure, you will use will predominantly depend on your situation and the structure that best suits your needs and that of your business.
Always look at what is involved with starting up, operating and closing a structure before making your final decision. You can also choose to change your business structure throughout the life of your business.
If you are unsure which structure will best suit your business, it may be helpful to seek professional advice.