Our strategy is ‘Get Better, Not Bigger’
This is obviously a simplified summary of the issues, but it will be suitable for perhaps 95% of situations.
Put simply…
There are two key drivers to the decision, the way in which profits and incomes are taxed, and the level of risk protection provided. There may be a cost saving on accounting fees for micro business that could do their own tax returns but would not be able to produce proper company accounts and tax computations, but for any reasonable sized business the costs would be much the same.
Open and View our infographic Choosing the right Business Structure to read in more detail what each layer of the structure incorporates.
- Corporate Goup
- Limited Company
- LLP
- Partnerships
- Sole Trader
WHAT WOULD WE ADVISE?
It is a terrible event when a business fails. We have seen many over the years for a variety of reasons, and the impact can be hard and wide ranging. Employees lose their jobs, owners can lose their homes. Some creditors don’t get paid and this has often meant other businesses fail in a domino effect.
So our overriding advice is to avoid failure! This may sound obvious and perhaps even a little patronising, but we have worked with many clients that could have avoided failure but didn’t see it coming or refused to take the necessary action.
Let’s start with the first point.
- How can you see failure coming?