Start a Business?

What needs to be done when starting a business

I would like to start a business but do not know where to start.  What do I need to do to start:

1. a sole trader? 
2. a partnership?
3. a limited liability company?

What do I need to do to start a Sole Tradeship

Here are some steps that you are recommended to follow:

1. Research your business and draw up a business plan
2. Establish the legal obstacles - health and safety, fire, and licencing etc
3. Establish the market needs you are going to serve
4. Decide on a name and register it with the Business Names Register at the Companies Registration Office
5. Register your website
6. Open a bank account (banks require identification)
7. Lodge the finance your require
8. Appoint an Accountant from FIXMYTAX.com (accountant's require identification)
9. Register for all the taxes; VAT, PAYE and Income Tax.
10. Find a premises and equipment, if necessary
11. Set up your systems
12. Start trading

Note: This list is not exhaustive but is the basic set of requirements for most businesses. 

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What do I need to do to start a Partnership?

Here are some steps that you are recommended to follow: 

1. Research your busisness and draw up a business plan
2. Draw up a partnership agreement, legal advice if necessary
3. Establish legal obstacles such as health and safety issues, fire and licencing etc.
4. Decide on a name and register it with the Business Names Register at the Companies Registration Office
5. Register your website
6. Open a bank account (banks require identification)
7. Lodge the finance your require
8. Appoint an Accountant from FIXMYTAX.com (accountant's require identification)
9. Register for all the taxes; VAT, PAYE and Income Tax.
10. find a premises and equipment, if necessary
11. Set up your systems
12. Start trading

Note: in a partnership agreement, unless otherwise specified, all partners are jointly and severally liable for all of the debts of the business. The list above is not exhaustive but is a good starting position.

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What do I need to start a limited liability company?

Here are some steps that you are recommended to follow: 

1. Research your business and draw up a business plan
2. Find 2 directors, secretary and a place of business.
3. Draw up a shareholder agreement, with legal advice if necessary
4. Establish legal obstacles such as health and safety issues, fire and licencing etc.
5. Decide on a name and register the company with the Companies Registration Office (seek assistance)
6. Register your website
7. Open a bank account (banks require identification)
8. Lodge the finance your require
9. Appoint an Accountant or Auditor from FIXMYTAX.com (accountant's require identification)
10. Register for all the taxes; VAT, PAYE and Corporation Tax.
11. Find a premises and equipment, if necessary
12. Set up your systems
13. Start trading

Note: A shareholder agreement is essentail  to setting down the ground rules for the behaviour of the members in the business and is there for their protection in disputed situations.The list above is not exhaustive but is a good starting position.

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