How to Start up a New Business
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About this ebook
Entrepreneurs Brief Guide - This e-book consists of six “Entrepreneurs Brief Guides”, addressing all you need to know about starting a new business. It contains independent and practical advice for entrepreneurs and small to medium sized businesses (SMEs). Designed to help your business achieve its daily objectives of acquiring and retaining customers, this guide is invaluable to any start up company and small business owner.
Learn how to: (a) Form a Business, (b) Research Your Market, (c) Develop a Business Plan, (d) Hire the Right Accountant, (e) Become a Franchisee and (f) Finance Your Business
Dr Jim Porter
Dr Jim Porter is a chartered engineer, qualified to a PhD level from London University, with more the 25 years business experience. He has worked for several multinational companies in Europe and the USA. His experience stretches from new products development, project management, new business building, profit and loss responsibility, to the creation of several successful joint ventures and acquisitions.Currently, he is a senior executive, responsible for strategy development and growth initiatives, including partnerships and new businesses building. Dr Porter is particularly interested in business incubation, helping entrepreneurs and start up business owners to achieve their personal and business objectives.Dr Porter is the author of several publications, including a book titled “How to bake your business idea and eat it”, and the creator of “Entrepreneurs Brief Guides” series.Dr Porter is a Fellow Member of several professional organizations and institutions in Europe and the USA. He can be contacted on his email TheJimPorter@gmail.com .
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How to Start up a New Business - Dr Jim Porter
How to Start up a New Business
Entrepreneurs Brief Guide - Volume 1.1
Dr Jim Porter
This e-book consists of six Entrepreneurs Brief Guides
, addressing all you need to know about starting a new business. It contains independent and practical advice for entrepreneurs and small to medium sized businesses (SMEs). Designed to help your business achieve its daily objectives of acquiring and retaining customers, this guide is invaluable to any start up company and small business owner.
Learn how to:
Form a Business
Research Your Market
Develop a Business Plan
Hire the Right Accountant
Become a Franchisee
Finance Your Business
Copyright
How to Start up a New Business
Dr Jim Porter
.
Revision: SW.01.1.001
Copyright © 2011 – All Rights Reserved.
Smashwords Edition
This ebook is licensed for your personal enjoyment only. This ebook may not be re-sold or given away to other people. If you would like to share this book with another person, please purchase an additional copy for each recipient. If you’re reading this book and did not purchase it, or it was not purchased for your use only, then please purchase your own copy.
Thank you for respecting the hard work of this author.
No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means without the written permission of the author.
ISBN: 978-1-4660-6216-0
Publisher: Smashwords, Inc.
Chapter No. 1: How to Form a Business
Having made your decision to start a business, you must look into some legal requirements for the start up, such as the kind of ownership you are looking for, the name/title of the business organization and your relationship with your partners.
Learn How To:
Choose the right business legal form
Maintain working relationships
Select a name for your business
Deciding on the most appropriate legal structure for your start up business is critical step, as it could impact the degree of financial risk you are exposed to, the control you maintain over your business and the level of expected daily administration activities.
Having made your decision to start a business, you must look into some legal requirements for the start up, such as the kind of ownership you are looking for, the name/title of the business organisation and your relationship with your partners.
The Legal Form to Be Adopted
The following are the main choices you can consider for the legal form that can be adopted for your business.
If you are the sole proprietor of your business, you are self-employed and have no legal structure to adhere to.
In the case of a partnership, two or more business partners will work with you and will share the profits and losses equally.
There is also a limited company type, in which the business is a separate legal entity. In this, the business is distinct from its directors, shareholders and employees. Unlike the other two, in this type the business can sue or be sued separately from its owners.
A limited partnership liability could be said to be a mixture of a partnership and a limited company. In this type, the partners have a limited liability and the business can run even with the resignation or death of its partners.
These days, other forms of business such as Co-operative Societies and Company Interest Societies have also become quite widespread. However, once you have adapted a certain legal form, it is still possible to change it although it will require a lot of investment in terms of time and finance. If your business has re-registered with VAT, you must inform your local VAT office within a 30 day time period. The other legal requirement for the change can be checked with your legal and accounting departments.
Sole Proprietorship
A sole proprietorship is when the business is owned and managed by a single person. Many new start-ups prefer to have a sole proprietorship as it comes across as the best and most feasible option.
The advantages of a sole proprietorship are as follows:
Setting up the business is very simple and can be quickly done by just registering your business with the VAT, tax and other concerned authorities.
Your gross tax payments will be lower compared to other forms