Which business structure?

Choosing the structure that best suits your needs.

Choosing the right business structure is essential for a range of business and tax reasons. MRO Accounts can help start-ups and businesses in the Hemel Hempstead area...

You will need to decide which business structure best suits your needs:

  • sole trader/sole practitioner (an individual);
  • a partnership (two or more individuals or companies);
  • a limited liability partnership or
  • a limited company.

There are both advantages and disadvantages for each trading structure in terms of control, perception, support, costs and tax implications.

Each situation must be judged individually. As well as the tax and national insurance issues, you will need to consider such things as the nature and expected rate of growth of the business, the degree of commercial risk, administrative obligations, pensions and retirement, and your personal preferences.

In the early years of a business, operating as a sole trader is often attractive because funds can be used with fewer restrictions. But as your business develops, there may be advantages to incorporating (forming a limited company).

If you are thinking of starting up in partnership, it is essential to have a formal agreement drawn up, and to take professional advice.

Care needs be taken, and we can help you though the decision-making process.

At MRO Accounts we have a wealth of experience in providing professional advice to start-ups in the Hemel Hempstead area about choosing the right business structure, and we can help you through the decision-making process.

What our clients say:

“Working with Melody is an absolute pleasure. She handled my accounts with complete unflappable professionalism and navigated her way thought the HMRC hoops. In my first year of business I was employed, unemployed and self-employed, all within 12 months - not a simple situation! And she does it all with a smile :)”

Thank you Mel, you let me get on with my job confident that my accounts are in safe hands

Dee Fagg, 3D-VA

“I have known Mel for 6 months and in that time she has managed to totally organise my accounts and make me company be more efficient, what used to take me a long time, takes her a very short time, she makes it seem easy and is able to make me understand what I should be doing and the easiest way of doing it! My accounting life is now so easy not a time to be dreaded!! Thank you Mel!”

Claire Lee, Venue Queen Ltd

“MRO Accounts have been very helpful in the early stages of getting my business started, with clear advice and guidance that has really helped me sort my finances out. MRO Accounts have always been very prompt and speedy in dealing with any of my queries, which is very important to me and gives me every confidence that I am dealing with professionals. I wouldn't hesitate to recommend their services.”

M Hamilton
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