Ensuring that your business has the correct legal and tax status can have far-reaching ramifications. The difference between sole traders, partnerships, Limited Companies and LLP’s is profound and advice should be sought when determining the most appropriate course of action.
rhw solicitors’ team of commercial lawyers have a wealth of experience in company formation and assisting companies at every stage of their development. Whether you are a start-up that needs to register as a sole trader or are looking to expand and change your status, our team will advise on the best steps and assist with managing the process.
If you are planning a start-up business then rhw solicitors can provide the help and guidance you need to get your enterprise up and running. Our commercial team, headed up by Nick Richardson, will be there every step of the way to and we will even support you with an initial one hour meeting free of charge.
As members of Lawyers for Your Business we are ideally placed to help you assess where you are going, what you want to do in business and decide what structure is right for you.
As the name would suggest this is basically you (Joe Smith in this example). You can be either just Joe Smith or Joe Smith trading as Smith Fruit and Vegetable supplies.
Being a Sole Trader means that all the profit you make goes to you, however you will also be personally liable for any debts that your enterprise accrues. You will also be able to sue or be sued in your own name, even if you have a separate trading name.
You will need to register for Income Tax self-assessment and will be required to complete a tax return at the end of each financial year.
During a commercial dispute it is important to instruct a solicitor as soon as possible to assess your case, consider your position and, if required, prepare for court.
Read more
