Business stuff...
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- kalkal
Seems that the laws of registering a business have recently changed, as far as I can see reading here:
"Do I need to register my business?Since 6 April 2009, registration requirements were abolished meaning that businesses are no longer required to register with their local authority or with the Health and Safety Executive (HSE). This includes businesses that were previously required to register, such as shops, offices, factories and certain railway premises. However, depending on your type of business, you may still have to register under other regulations. For example - food and catering businesses must continue to meet food standards registration requirements, which local authorities enforce. Other examples of businesses that may still be required to register or require a licence to operate include businesses operating in high-risk industries and those using dangerous or explosive materials. "
- http://www.businesslink.gov.uk/b…
Does anyone have recent experience with starting their own business? I'm considering starting a photography studio but only myself and my partner will be running it, I'm not even sure if we're better off simply registering as self employed. Isn't one of the main benefits of registering a business, the lack of VAT needed to be paid for company items and costs? Can that still be done if you're self employed?
- Scotch_Roman0
I started a business this year. I'm a sole proprietorship and an LLC. I had to register my business name as a DBA since Metagramme is obviously not my actual name, and also because I wanted to operate as Metagramme rather than Metagramme LLC.
LLC provides certain legal protections should you get yourself in hot water with clients and/or vendors. It also provides certain kinds of tax breaks that simple self-employment status doesn't offer. Also, if you set up at least one person as an employee, you can write off health insurance.
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Having said that, I just saw that your link is in the UK. I'm in the States, so I have no idea how to go about things in your area. Ask Dancer, he might know a thing or two.
- kalkal0
ok, where's dancer?
- kalkal0
Anyone?
- HomeCreative0
When you say register do you mean for VAT?
- kalkal0
What I was really asking is, should I register as a business or as self employed and are there any real advantages in doing so? Also, if I'm registered as self employed, is it also legal to trade under a name other than my own (no, not a fake name, a "company" name)
- Atkinson0
Self employed covers it in the UK as far as I know
- thebottlerocket0
There are many advantages to running your business as a LLC.
Firstly, the LL bit..i.e. Limited Libaility. It privides a seperation of your business with yourself personally, such as a your house, your savings account, etc. This is important as treating you business as a separate entity means that if anything goes wrong, your liability it limited to the company.
VAT registration through a company is also handy and beneficial.
Secondly, as a LLC a decent account will be able to provide good advice on tax minimisation.
But I would really get in touch with an accountant, i can recommend one if you want to email me, and they should be able to give you decent advice.
- Anyway, I would always opt for some sort of LLP or LLC option.thebottlerocket
- kalkal0
Atkinson, you're in the UK as self employed, right? Hows that working out for you, in your creative field at the moment?