Desined by Carl Craddock
Desined by Carl Craddock
Lumb Accountancy Services
© 2016 Lumb Accountancy Services
Thinking of starting up in business, Lumb Accountancy Services can help.  We can advise you on the business structure that is best for you.  Once the decision on company structure has been made we will then help with all the paperwork involved in notifying all the relevant authorities.

Sole trader
The simplest form of business structure.  Keeping records and accounts is simple and straightforward and no registration fees are applicable and the business owner gets to retain all the company's profits.  However, the business owner is personally liable for all the business debts and liabilities.

A partnership is similar to a sole trader, however a partnership will involve more than one business owner.  The partners together get to retain the business profits and are jointly liable for all the business debts and liabilities.

A partnership will also involve a partnership agreement which, amongst other items, sets out the how the business profits and liabilities are split between the partners.

Private company
A private company is a separate entity in law from its owners. This means that the company's profits, assets and liabilities are owned by the company and the owners are only liable for the amount unpaid on any share capital or guarantee.  There is a larger regulatory burden upon companies as they need to be registered with companies house and will need to file annual accounts and an annual return.   

Lumb Accountancy Services