Starting a new business can be exciting, rewarding and hard work. Your new business will rely on your ideas about what it should be called, what it will do, how it will work, and it is these ideas that will make it unique. If you register your new company from us, our standard company formation will provide you with the complete business start up package.
Here are some essential matters to consider for your new business start up:
Your company name or business name
Every small business start up needs a distinctive name,
both to attract customers and to make sure it is not
confused with any other business.
Check
your company name here
This is the list of companies registered at Companies
House. It does not include unregistered businesses,
such as sole traders and partnerships. If the name is
not on that list, you can register it as a limited company
or LLP, though you also need to be careful to avoid
using names that are too similar to those already registered.
For more details, read our company
names page.
For further advice contact
us. We are here to help.
Choosing the right business format
There are advantages to setting up your new business as a limited company,
but it is not necessarily the right option. You might be better off as a
sole trader, a partnership or a limited liability partnership instead. If
you are unsure about this, you should seek advice. Start by reading our
company choice page. If you need more
help consult your accountant or solicitor or contact us.
If going into business with someone else, you really need a partnership agreement (if the business is not going to be a limited company) or a shareholders' agreement, if it is. This is a contract between the parties setting out how the business is to be run and is essential to protect the individual parties' long term interests. If your new business is the success you hope it is going to be, not having a comprehensive contract between the parties, regulating the business affairs for the future is, frankly, very unwise.
VAT registration.
You must register for VAT if your annual turnover exceeds
£67,000. Click
here for full details
Accounts and tax
You must keep accounts and you really need the advice
of a good accountant from the very start. The best way
to find one is by personal recommendation, but both
the Institute
of Chartered Accountants of England and Wales and
the Association
of Chartered Certified Accountants provide lists
of accountants.
For tax information, try the Inland
Revenue's website
Other useful information
Our FAQs, where you will find a greatt deal of information
Business advice
A great deal of help can be obtained from Businesslink,
the government's advisory body for those setting up
a new business.
Companies
House
has a great deal of information about companies and
company law. Look for the guidance booklets (all available
on-line)
The DTI
It's not called the DTI any more but BIS, previously BERR. There is a lot
of information here, but it is not easy to find.