Meet the Other Phone. Only the apps you allow.

Meet the Other Phone.
Only the apps you allow.

Buy now

Please or to access all these features

Work

Chat with other users about all things related to working life on our Work forum.

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.

New posts on this thread. Refresh page
Swipe left for the next trending thread