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We consider the options available to you when starting your own business. There are tax and legal implications which have a bearing on the choice you make. If you are starting, or have recently started a business in the Somerset area we, at Maxwells, can help you decide on an appropriate business structure.
Having made the decision to be your own boss, it is important to decide the best legal and taxation structure for your enterprise. The most suitable structure for you will depend on your personal situation and your future plans. The decision you make will have repercussions on the way you are taxed, your exposure to creditors and other matters.
The possible options you have are as follows:
If you are starting, or have recently started a business in the Somerset area we, at Maxwells, will be happy to discuss your plans and the most appropriate business structure with you. The most appropriate structure will depend on a number of factors including consideration of taxation implications, the legal entity, ownership and liability.