Re: Business development

The best structure for our business could be a limited liability partnership where we would all have equal or determined shares in the business.  By valuing all equipment and the amount of capital each individual could contribute this could decide how much 'share' each person has in the partnership.


Step by step business planning on Business Link

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We agreed as this was so concise we would use this template and just customise with our branding and typeface which is Quicksand:

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Also from Business link advice about legal structures online.businesslink

We have been getting slightly confused about the best structure for our company from a financial point of view so i am clarifying this by researching the Business Link website in a bit more detail.

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From Companies House

In summary I think to remove the risk from us as individuals we should register with Companies House as a Limited Liability Partnership.  This would require us to complete an annual return however would not be liable for Corporation tax or have to account for PAYE and NI of the partners.  Each individual partner would submit his own self assessment and one nominated partner would submit the required Partnership return.  We would not need to be VAT registered unless our Turnover exceeded £73,000.