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Partnership or Limited Company?

3 replies

Geoff0409 · 15/09/2014 12:58

Hello,

After much personal upset and upheaval (not between us, other family stuff) over the last couple of months, my Wife and I are now edging towards starting our own business.

We both had similar ideas, and I have been working on a business plan. I work 4 full days a week and can dedicate the full extra day, plus weekends, towards it, and my Wife is a full time Mum so can dedicate any time she has to it. I have to be honest, I don't mind doing the donkey work and the brunt of the work afterwards, at least to start with.

It is a cleaning and ironing service - nothing particularly exciting, just something to be flexible around the kids and home life. We aren't aiming to make a fortune (well, not to start with Grin), just earn a bit extra to help towards the bills etc. We would aim I think to make around 50 to 100 per week, if possible.

Can anyone tell me if we would be better as a partnership or a limited company - I like the advantages of both - the limited company's identity etc and the partnership (as in both self employed really, apart from some minor paperwork). But both also have disadvantages - alot of extra paperwork and expenses for a limited company, and then also the lesser/unprotected identity of a partnership.

I have a feeling that we may be better to start as a partnership, at least to begin, purely down to costs, but hope someone on here might share any experiences or give their opinions? Any thoughts and ideas are very welcome.

Thanks.

OP posts:
jollyjester · 16/09/2014 11:10

I would suggest that you are safer beginning as a Partnership. There are less legal implications and you can even do the accounts and tax returns yourself to minimise start up costs.

A limited company would offer no benefit to you at this stage.

My advise would be to seek out a local accountant and pay for an initial consultation.

Good Luck!

Rowingdowntheriver · 20/09/2014 19:39

You might find this webite useful if you've not already decided ..

www.gov.uk/business-legal-structures

raltheraffe · 04/10/2014 10:56

Jollyjester, most accountants offer a one off free consultation as a means of getting new trade.

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