Every business will be unique and have its own peculiarities. To provide all the information needed to start every business would be an impossible task and so I suggest you read what follows by way of an introductory guide to what’s involved. It may be that you will have to research further to make sure that the business you’re planning to start complies with all the rules and regulations of the day.
The first thing you will need to decide is which `trading identity’ is suitable for your business. There are a number of trading identities that you can choose from including:
- sole trader
- limited company
- partnership
- cooperative.
It’s important to choose the most suitable trading identity for your business.
If you’re in doubt what identity to start with you could start your business as a sole trader and then change to a partnership or company at a later date. Changing from a sole trader to a company is relatively easy. However changing from a company to a sole trader, although achievable, is much more difficult and can be expensive.
Only you can decided which one suits the type of business you are planning to start.
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