Choosing the right business structure is essential for a range of business and tax reasons. HJS Accountants can help start-ups and businesses in the Southampton area...

You will need to decide which business structure best suits your needs:

  • sole trader/sole practitioner (an individual);
  • a partnership (two or more individuals or companies);
  • a limited liability partnership or
  • a limited company.

There are both advantages and disadvantages for each trading structure in terms of control, perception, support, costs and tax implications.

Each situation must be judged individually. As well as the tax and national insurance issues, you will need to consider such things as the nature and expected rate of growth of the business, the degree of commercial risk, administrative obligations, pensions and retirement, and your personal preferences.

In the early years of a business, operating as a sole trader is often attractive because funds can be used with fewer restrictions. But as your business develops, there may be advantages to incorporating (forming a limited company).

If you are thinking of starting up in partnership, it is essential to have a formal agreement drawn up, and to take professional advice.

Care needs be taken, and we can help you though the decision-making process.

At HJS Accountants we have a wealth of experience in providing professional advice to start-ups in the Southampton area about choosing the right business structure, and we can help you through the decision-making process.

Southampton Office

12-14 Carlton Place
Southampton
Hampshire
SO15 2EA

Tel: 02380 234 222

Winchester Office

6 Charlecote Mews
Staple Gardens
Winchester
SO23 8SR

Tel: 01962 842000

Reading Office

3 Richfield Place
Richfield Avenue
Reading, Berkshire
RG1 8EQ

Tel: 0118 9511 115

London Office

90 Long Acre
Covent Garden
London
WC2E 9RZ

Tel: 0203 470 0777