When setting up a business one of the first considerations you will have to make is what business structure you should choose. The common options are whether to operate as a limited company, a sole trader, partnership, or a charity!
In this episode of ‘I Hate Numbers’ I talk about the options available for choosing your business structure (also known as business form), and how to decide. Mini spoiler alert if you are your own boss then you are self-employed!
Why business structure is important
Once a decision is made your actions will have consequences in a number of areas, including
- Your financial records and accounts
- Personal liability
- Raising money
- Tax planning
- Management structure and decision making
Options, money, and taxes
In most things in life and in business there are always options. That is no different when it comes to deciding on your business form.
Many end up with a business structure by default, without thinking what is best for their business now, and for the future.
This episode lays down the foundations (excuse the play on words) for
- Money and taxes
Good to Know
Your business structure can change and evolve over time. You can even have differing types to suit how your business empire is made up, and where you are in your business cycle.
In my next podcast I get down and dirty with money and taxes. Different business structures = different tax consequences
Grab a coffee, make yourself comfortable, sit back and listen.
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In This Episode
- Understanding the differing types of business structure
- Knowing what each type of business structure has as its strengths
- How to decide what is suitable for your business
- Developing your own Numbers confidence and decisions
- Take more control of your numbers to help make you money, survive and thrive