This is part 4 of my blog recording the count down to setting up my own business. Part 1 can be found here Part 2 can be found here and Part three here
Today's post considers what type of business we are going to be. For a small business there are really four options:
For the second two the rules are not so complex, though adequate records need to be kept. National Insurance is class 2 and 4. There are also differences about how losses can be offset.
Two rusty wheels
Having considered all the options, and going through all four of them over the last four months, we have finally decided on a Partnership. One of the other advantages of the last two options is that it is much easier to change status from 4 to 1 rather than the other way round.
Two worker bees
Not that I think of the partnership as a pair of old rusty wheels rather more a pair of slick worker bees as can be seen here.
Now having made decided what we are going to trade as we can now finish our business plan.
Dyslexic doodles on photography, food (growing, cooking & of course eating), faith and other fascinating things. This is a personal blog expressing my views.