I have been working with some business partners in setting up a new company, now this is not a new process for me but I thought it would be good to blog about some of the decisions I have made on the way and others who are starting up might be able to learn from these steps.

The first and a very very important step is the company structure, before you run off creating companies its best to go and sit down with a skilled person about this topic and build a structure that works for you. Business has many potholes and one of biggest potholes is listening to friends without qualifying this advice.

Devil is in the detail of company structures and was the correct way several years ago maybe not right today, tax laws change yearly so seek out the correct business advisor.

A cheap option out there is buying templates over the web, beware of this because unless you understand the detail within these documents then again you maybe building the wrong structure that only the future will test. I know that paying lawyers to do a Word document name change is very very frustrating but you have to look past that and see the value in the advice.

The other very important point is that you cant ask for a redo and undoing wrong structures will only make the tax man happy or expose you to other legal problems.

Advertisements