What should I consider before setting up my business?

When setting up a business it is important to consider the various entities through which the business can operate, such as

  • a limited company;
  • a limited liability partnership;
  • an unlimited partnership; or
  • a sole trader.

You should talk to an accountant to discuss which of these options would be the most tax efficient. Once you have done so, our Business Law team can advise you on the legal pros and cons of each option. For some basic information, see "What are the differences between a limited company, a partnership and a sole trader?".

Once you know what form your business will take, you should consider other legal protection, for example the terms on which your business will operate, how to comply with relevant law (employment, health & safety, data protection), how you will govern your relationship with any co-owners of the business and whether you have any intellectual property that needs protecting. Forbes Solicitors can help you ensure your business has the adequate protection in place once set up.

For more information please call freephone 0800 975 2463 or contact us by email

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