1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

What company format should I choose? UK *ONLINE BUSINESS*

Discussion in 'BlackHat Lounge' started by Br4mz, Feb 28, 2016.

  1. Br4mz

    Br4mz Registered Member

    Joined:
    Jan 19, 2016
    Messages:
    75
    Likes Received:
    9
    Location:
    UK
    Home Page:
    In the process of start a elaborate ecommerce store, how should I register the company?


    What format, etc? Im going to do it all today. Any additional advice with people who have done this stuff before would be awesome.
     
  2. redarrow

    redarrow Elite Member

    Joined:
    Apr 1, 2013
    Messages:
    4,314
    Likes Received:
    984
    Ltd the best. But i guess as a quick project/startup sole trader ,then eventually ltd.

    as a sole trader you are going know to be self employed , so your need to register as self employed ,
    your have to pay your own tax and ni weekly , monthly, annually, this comes from your business bank account not a personal account.

    As self employed and know a sole trader your a directing manager = boss of a business
    your have to think, do you need insurance or public insurance if so get correct insurance.

    If you run a business at home your need to inform your local councel as know your home is a business home, your have to inform the councel what part of the hone and size your house your using for business ,this will let them tell you how much there gonig to charge you for business tax , some ppl just use a office to upstream to a ltd business.

    every time know becouse your self employed and the boss, you write any letters to anybody
    you need to make a headed page with your name accross the top and statting sole trader under the header

    Your know need to go to your bank and with a headed paper explaining your business your need to take
    a basic business plan and a rough guide to how much your earn each month and yearly ,
    the bank should open a business acount as your name but as a sole trader.

    the business account is for getting business income only ,and for paying business bills only, and for calculating business tax only ,any personal money like your wages,must go into a personal account, and pay for your normal living, you never use your business account for anythink but bisiness use.

    know you need to open a paypal account and other accounts but in a business application.

    please be advised ,being self employed as a sole trader can also be exciting, everytime know you go shopping for the business you keep all receipts you can know claim petroll back, you can also claim anythink buiness related back for your business , paper , stamps, computer, phones, mobiles, ect

    What happends, every year you go to a accountant and show them any receipts you have used for the business the accountant can claim the costs on the receipts and this amount of money comes off your tax bill, so you pay less tax for your anually tax bill.

    you can do your own tax online, if you fully understand the tax system.

    I think paying a accountant one off yearly is worth all that hassle.

    well done know your a sole trader and business man/lady

    know the fun begins , know you need to make a record of all incomings and outgoings fron your business account.

    you are know responsible for earning money into the business account and then paying your self a set fee to keep the business account healthy and your personal account healthy ,

    i personaly suggest you understand how to write a business plan and understand your full concept of your business , i mean the whole finacal side will help you with your goals in sales and success......

    good luck
     
    • Thanks Thanks x 2
    Last edited: Feb 28, 2016
  3. PHPInjected

    PHPInjected Elite Member

    Joined:
    Apr 25, 2014
    Messages:
    2,147
    Likes Received:
    1,875
    Occupation:
    100% Unique Content Writer
    Location:
    Overriding Methods
  4. Eternal1912

    Eternal1912 Power Member

    Joined:
    Dec 6, 2014
    Messages:
    621
    Likes Received:
    246
    Gender:
    Male
    Occupation:
    Freelance Writer
    Location:
    Bulgaria
    Pay $50 to a lawyer for a consultation, this way you won't make any mistakes in the process.
     
  5. Br4mz

    Br4mz Registered Member

    Joined:
    Jan 19, 2016
    Messages:
    75
    Likes Received:
    9
    Location:
    UK
    Home Page:
    perfect! Could you also tell me more about LTD?

    Very helpful thanks for taking the time to write that
     
  6. 1morenoob

    1morenoob BANNED BANNED

    Joined:
    Nov 17, 2014
    Messages:
    412
    Likes Received:
    193
    sole trader for:
    low profit
    selling b2c then switch to ltd when you need to register for vat iirc 82k in a year

    ltd for:
    high profit
    if theres much risk of getting sued
    selling b2b
     
  7. Smurfmeister

    Smurfmeister Junior Member

    Joined:
    Feb 22, 2015
    Messages:
    164
    Likes Received:
    55
    There are companies that'll handle it all for you, if you want to take the easy route. Will cost you anything from about £10 up to about £50 depending on what options you choose. Of course, you can do it all yourself if you want to save some cash.

    CompaniesMadeSimple is one such company (I've no affiliation), but there are others if you google. They all have a help or FAQ explaining the different options.
     
  8. MisterF

    MisterF Jr. VIP Jr. VIP

    Joined:
    Nov 29, 2009
    Messages:
    6,292
    Likes Received:
    4,808
    Occupation:
    Conference Organiser, Business Advisor.,
    Location:
    JADIP
    Home Page:

    Ltd = Limited liability, so if your business goes bust, you are only going to lose the share value ( EG 100 shares @ £1.00 each = £100 ) so your house etc should be safe.