advice about new training business

[ugt1]

Hi, DH is looking into starting a new training company with 3 workmates who have all been laid from after their company went into liquidation. We have looked into the following

Accreditation for courses
Premises
Equipment
Insurance - Pub Liability, Prof Ind and Employers Liability
Resources for teaching.

Is there anything we need to consider. We will not have PAYE staff at present, just subcontract.

Is there anything else to consider

Hi

Haven't started a training business...but my thoughts:

Contract setting out the arrangement between them
Marketing - website, directory adverts, building a prospects database
If the training is not in-house, some sort of booking mechanisim to take bookings from public
How to produce resources for training, ie how will you reproduce - might have been covered above.

Hope it goes well.

Ws

A good accountant and really good legal contract between all the partners. With four people, I imagine their is a fairly high possibility of a fall-out, someone free-loading on the efforts of others etc.

Best of luck!

Thanks for that

Website is almost finished
We have a contract expert working on it as we speak
We have an accountant set up
Policies and procedures almost completed.

I would expect that you have been advised to form a company, so the 'legal agreement between the partners' will be a shareholders agreement. The crucial thing with any shareholders agreement, particularly a 4-way one, is that there is a well-defined set of 'reserved matters' (things which you must all agree on) and a well understood mechanism for dealing with deadlock (when you can't agree - and Texas Shoot-out is not as bad as it sounds!)