Structure

Is your business set up right to fairly reward those that contribute most? Does it have the right corporate structure to protect your assets and impress your customers? Have you got the right processes and procedures in place to mitigate risks and prevent fraud?
 

You will certainly need to choose the corporate structure for your business be it Sole Trader, Partnership, Limited Liability Partnership (LLP) or Limited Company. You’ll need to understand the tax and commercial implications before making a decision.

There will also be various administrative requirements depending upon which option you go for. These can often be clouded in mystery by professional advisors when they are actually quite straight forward and easy to carry out online.  

Whilst this creates the corporate structure that is right for you, there are two other aspects of structure that are equally important.  

The first is the relationship you have with your shareholders, business partners and/or key employees. The best way of setting up the right structure is to create agreements and reward structures that treat individual stakeholders fairly and reward them for the contribution they make to the business. This can be as easy as a simple annual bonus scheme or need a carefully drafted shareholder agreement that takes account of leavers and the eventual sale of the business.  

The second area is processes and procedures. Have you got the right financial controls in place to protect your hard earned assets?  Are your systems fit for purpose and capable of scaling up for growth? It’s much easier to set these things up at the beginning than later on when bad habits have crept in.

For an initial free consultation on how you to structure your business....