If you are thinking of starting a business, you will need to look at the benefits and disadvantages of different business structures and work out which structure best suits your requirements.
The most common types of business structures are:
- Individual (sole trader)
- Partnership
- Company
- Trust
It’s important to understand the responsibilities of each structure because the structure you choose may affect:
- the tax you are liable to pay
- asset protection
- ongoing costs
Typically, costs and complexity increase as you move from a sole trader to a partnership to a company or trust. You are not locked into any structure and you can change the structure as your business changes or grows.
If you aren’t sure which structure to choose, talk to us we can assist you.
Business Plan
A business strategy is the means by which it sets out to achieve its desired ends (objectives). It can simply be described as a long-term business planning. Typically, a business strategy will cover a period of about 3-5 years (sometimes even longer).
What should be in your business plan?
Headings in a business plan and the information you’ll need to consider, are:
- Executive summary
- Vision and mission statement
- Company history
- Business strategy
- Company products and services
- Marketing strategy
- Location and layout
- Competitor analysis
- Management team
- Plan of operation
- Financial forecasts
If you need assistance putting together a business plan or getting your business off the ground, consider calling HT BUSINESS GROUP ACCOUNTANTS.