Starting your own business is an incredibly exciting time but it is also fraught with lots of decisions that need to be made to ensure that you set off on the right path and stay on the right side of any legislation relating to running a business.
One such decision that you need to make is what legal structure your business is going to take. This decision may be based on the type of business that you are going to run and what the outcomes and aims of the business are or it might be based on liability reasons. An
Accountants Cheltenham way can help you with these types of decisions as they are aware of the benefits and pitfalls of each of the legal structure types as well as the financial and filing requirements for each one. Accountants looking after Cheltenham businesses will look at the structure from its basic elements right through to what the business plans to achieve and how it is going to be run and by whom.
Some of the most common structures include sole traders and limited companies. You also set up a charity or a community interest company. The financial parameters around each structure differ and there are additional requirements linked to come of them. Limited Companies appoint directors and shareholders who steer the businesses in the right direction. Charities and community interest companies serve a particular community of people and will also have to adhere to the rules and requirements of the charities commission.