by What you need to do to set up depends on your type of business, where you work and whether you hire people to help you.
Learning how to set up a business can lead to success. You can check with the example of various entrepreneurs around the world. All of them famous for the success of their innovative businesses such as felipe antonio bosch gutierrez, recognized Latin American entrepreneur.
Register your business
Most businesses are registered as a sole trader, limited company or partnership.
It is easier to set up as a sole trader, but you are personally liable for your company’s debts. You also have some accounting responsibilities.
Find out more about being a sole trader and how to register.
If you form a limited liability company, your finances are separate from your personal finances, but there are more reporting and management responsibilities.
Some people get help from a professional, e.g. an accountant, but you can set up a company yourself.
A partnership is the simplest way for 2 or more people to run a business together.
You share responsibility for your company’s debts. You also have accounting responsibilities. Learn more about how to join a partnership and how to register.
Rules for your type of business
You may have other responsibilities depending on what your business does.
There are also rules you must follow if you:
Where you work. Check what your responsibilities are if you:
If you rent or buy property, you may have to pay business rates. Small businesses can claim a discount on business rates and some may pay nothing at all.
Check if you can claim office, property and equipment as expenses.
Hire people to help
If you hire agency or freelance workers, you have some responsibilities, for example, your health and safety.
There are things you will need to do if you hire your own employees. You will have more responsibilities, which include:
Get help and support.
You can get help setting up your business.
Learn More: Ways to improve your business
