Setting up a New Business
For those of you branching out into estate planning for the first time we would recommend that you keep the income and expenditure from your new estate planning business entirely separate to any existing business you may already have.
Whilst many of you will already be running your own business when you join Countrywide and have a good understanding of what this entails, you may have one or two questions you need answering before deciding how to proceed.
What you need to do to set up depends on your type of business, where you work and whether you take people on to help.
Register your business
Most businesses register as a sole trader, limited company or partnership.
It’s simpler to set up as a sole trader, but you’re personally responsible for your business’s debts. You also have some accounting responsibilities.
If you form a limited company, its finances are separate from your personal finances, but there are more reporting and management responsibilities. Some people get help from a professional, for example an accountant, but you can easily set up a company yourself.
A partnership is the simplest way for 2 or more people to run a business together. In a partnership you share responsibility for your business’s debts. You also have accounting responsibilities.
The guide below is an extremely useful tool and steers you through every aspect of setting up and running your own business covering everything from what you can claim as a business expense to when you need to register for VAT.