morch

For all those people who own thier own company, I just want to know if those company registration websites are all they say they are. I have chosen my company name and it is avaliable, but do i press the buy now button?????
They also advertise the as being Ltd companies, is this what i want if i set up on my own?? Im an Electrician if that makes any difference.

nellyscossy

depends how your thinking of setting up
i am a plumber/gas engineer
i didnt bother with any of that i simply notified the tax man that i was self employed and off i went..but i am only a sole trader and plan on staying that way...(to much bollox involved in employing people)
if your thinking of taking on blokes then ltd would be better cause if it goes tits up then you arent held personaly for any money owed to suppliers,wages,etc..

AndyBrew

if you are just starting out mate simply go down the sole trader route, and when you have earn't a few quid pay for some professional advice i.e. accountant as everybodies circumstances are different.

neilm

Personally, if I was an electrician, I'd be limited.

Couple of reasons.

If I was a Sole Trader and say I did something that caused a problem and someones house burnt down or worse someone was hurt, then it would be me that would be liable, whereas being limited I'd be protected by the limited company.

As the name suggests liability is limited, so the company would be sued not me personally and the companies insurance would take care of it, if it didnt meet the claim then the assets of the company could be siezed but because my house is mine and not the companies it would be safe..

That way I wouldnt loose my house.


Also.. if you are going to undertake contract work for big companies it would more beneficial to them for you to be limited.

If you run a limited company you are always employed by the limited company.

SO if you did 6 months work for a big contractor and then you fooked off and didnt pay any tax they could be deemed as your employer and they could be liable for the unpaid tax.

Thats why 99% of IT contractors all have limited companies.

But really, if you are serious about starting a business you shouldn't be asking a forum for advice.

Talk to your local Chamber of Commerce, they have people there who can advise on starting your own business, you may find there is help available to you in the form of grants etc and then most importantly talk to an accountant.


Advice you get on here can be good, but thats whats good for others, it doesnt mean it will be right for you.

KregRS

I'm in process of starting own business, valeting, and been advised to stick to sole trader. With regards to grants etc, getting help thru Princes Trust, may be eligible for start up loan thru them, Ł4k approx, another local start up company will match what I can raise myself, both low interest.

nellyscossy

as said before..it all depends on your circumstances everyone has a different approach...if you just want to stay on your own then there is no real need to do a lot ,you can get public liability insurance to cover you for any damage ,etc you may cause and in any case this is a must(although not required by law) my insurance costs about 600 quid a year,,that covers my tools 24hrs a day too