Get Business Structure Set Up Right From The Start
Paul Mellor is a partner at Clarke Nicklin Chartered Accountants specialising in owner managed businesses, from start-ups to medium sized limited companies. He heads up Clarke Nicklin’s business advisory team and ensures clients receive the right advice on business structure from the start so they can maximise tax savings. He also helps businesses with advice on all areas as they grow.
He says: ‘The most important thing to do is get the right advice from the start. There is so much to think about when starting a business, and at such a hectic time it is easy to get confused and forget to prioritise those important things that set you in good stead for the long term.
“Getting the right structure and plan in place from the outset can really help to maximise tax savings and keep on top of your finances.
“One of the most important things to decide is which type of structure the business will be set up as; Partnership, Limited Company, or LLP? There is no correct answer. It depends entirely on your circumstances.