12.5. Strategy - Business formation

A new venture

Whether you are forming your first business or adding to an existing one, it pays to set it up correctly.

Choosing the wrong business structure will expose you to unnecessary costs and risks later on.

Failing to address the key practical issues can result in you falling out with your business partners.

This briefing focuses on:

• The relative advantages of trading as a limited company, a sole trader or a partnership.
• The mechanics of setting up a business, to comply with the law. Choosing a name for your business.
• The most important practical issues - agreeing the strategy and key operational and personnel issues with those you go into business with.