starting a business with a partner what kind of business?

[Glasgowrob]

best mate and i are looking to start a business,

we're both currently self employed working in the same field but an opportunity has came up and we want to start our own company doing what we do now as a partnership

the trading name we want to use is available but not quite sure what kind of company we should form,

ideally we would like to retain a degree on anonymity for now

[Jockman]

What's wrong with a straight Partnership, Rob?

[Glasgowrob]

just looking for some advice on options, had a look at some of the company formation sites and was overwhelmed with the choice of options on offer.

[Eric Mc]

Have you spoken to an accountant yet?

As you seem to be currently both self employed, I assume you do use an accountant already.

[INWB]

Glasgowrob said:

best mate and i are looking to start a business,

we're both currently self employed working in the same field but an opportunity has came up and we want to start our own company doing what we do now as a partnership

the trading name we want to use is available but not quite sure what kind of company we should form,

ideally we would like to retain a degree on anonymity for now

Unless you want a best mate to turn into a ex mate then I strongly recommend that you first write down a framework of how the business will run, roles and responsibilities, agreement on who - should the business split - 'owns' the client, restrictive covenants, etc etc etc. Get it signed and witnessed.

If it was me I would go limited as it is so cheap to do and you can start building a credit score for the business. Allocate each person an equal share.

Good luck

[silentbrown]

Speak to your accountant, if you have one. If you *don't* have one, many are happy to offer a free consultation and point you in the right direction.

Limited companies still have some advantages in terms of tax and, liability, but you have to factor in accountancy and company formation fees...

If your business requires any kind of web presence, get the domain registered ASAP. If a suitable one isn't available, choose a different business name

[Glasgowrob]

got a couple of web domains and associated Facebook pages tucked away during the week.


just looking to get the legal side of things nailed down.


think next port of call is the accountants.


one thing though is there anyway to run a business and remain anonymous. i.e. no details of us at companies house. the market we're going in is quite competitive and some of the people we work for atm might take umbrage at us striking out on our own rather than working for them

[Jockman]

As Eric will verify, the new People of Significant Control (PSC) regulations came into force in April this year so you may struggle with this if you go down the Ltd route.

[silentbrown]

Glasgowrob said:

one thing though is there anyway to run a business and remain anonymous. i.e. no details of us at companies house. the market we're going in is quite competitive and some of the people we work for atm might take umbrage at us striking out on our own rather than working for them

Yes and no.

For limited companies, basic information like Registered Office Address and Directors is freely available. However, you can use your accountants for the 'registered office', and if you have someone you trust you can appoint them as director. To take advantages of tax situation, you would need to be shareholders (and, probably, employees). Some shareholder information is in the public domain but it's more difficult to access.

Some documents (eg invoices) will need your tradng address, but that shouldn't be a problem.