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Business Tax: Establishing business

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Lucy Mangan - Menzies Accountant

Lucy Mangan – Business Tax Partner

When commencing a new business one of the key questions is what form the structure of this business should take.   In the UK we have four main options,  operating as a sole trader, a partnership, a Limited Liability Partnership (LLP) or as a limited company.   A limited company can again take a number of forms, for example limited by share capital or guarantee.  

Each structure will have its own associated implications including but not limited to:

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  • Tax implications  
  • Administration requirements/costs 
  • Flexibility 
  • The degree of personal liability and  
  • Opportunities for raising finance.  

What structure is the best fit will depend on a number of factors but it is important to consider this at the outset, as whilst it is possible to change structures, this can give rise to unnecessary costs. 


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