Help needed in setting up a business

[Raks]

In the next few weeks, I will be going through the agro of setting up a business of my own

Just wanted a few pointers of what to look out for, possible pitfalls and hints and tips that any of you could offer. Please do keep info down to clear and simple language however, as I don't want to get confused with all the legalities.

Any comprehensive websites I should direct my attention to?

Oh, business will be a Limited partnership, does this affect anything at all?

Thanks to all concerned
Raks

[Raks]

Thanks guys

Anymore??? Oh, how much do you estimate for setting up costs? I've seen all these set up a company for under a ton, blah blah blah but do they cover everything?

Ohhhh, PT has replied on my thread, the honor you've bestowed!

[Raks]

Hey Ninja, Hows things goin'? 355 running as sweetly as it sounded on the eve we all went out?

Hmmm, see your point of view, but I know you've had plenty of experience of this, so I think I should stick to speaking to a solicitor or accountant, so not to seriously mess things up.

Probably best to do this in Leic. as thats where the registered office would be (AKA my house!). Going rate people in the E.Midlands?

[Raks]

Hey there Ted, you sure you're allowed to advertise like that!??!?

In terms of the invoicing, things are good because for the terms applied for the way we shall be conducting is that payments are made via CHAPS, ie. directly and also goods cannot be released until its reached. Goods are also liable once a authorisation is received from the supplier/purchaser, if money is not deposited. So, protected really. Well, its worked for me elsewhere, and in theory too....

[Raks]

Hi there guys,

Thanks for all the input so far. You've all been really helpful

With regards to the legal malarky; I agree with the suggestions of using an accountant as after doing a degree in the subject, I know how varied we are. Solicitors get paid too much anyway!

Ninja: Hmmm, you've seen my other post huh? Yeh, looking into conducting a joint venture also, in the shape of a bar around SE.Eng. Looking hard, but finding it difficult to find the one I want. So decided there is no time like the present to start my other venture, so am looking deep and hard into the formalities linked.

Now all i need is a cute female accountant, and the world is my oyster!

[Raks]

Thanks peeps!

Glad to know theres a family waiting and wanting to help!

Going to go see an accountant week this Monday, so hopefully will get it all set up correctly then.

Any last minute hints?? Ok, so its like a week 'till then, but still!

[Raks]

Well its an LLP as there will be at least two members for the company in the future, with more looking to jump on board, or at least work for me.

Also, don't think the tax break would apply here, as profit lines are set to be around the >£50k region.

Thanks for the help, and all else is appreciated