How to start your own business: Set up your business
Set up your business You’ll need to decide which legal structure is right for your business before you register and start trading. It’s important to understand the different risks and benefits before you choose - whether you set up as a sole trader, limited company or partnership affects: · the amount of financial risk you’re taking on · the way you’ll need to pay tax, and report to HM Revenue & Customs (HMRC) and Companies House (for limited companies and some types of partnership) · how much control you have over how your business is run Employing people If you’ll need extra help or people with specific skills to run your business, you might decide to take on employees. Find out about your legal responsibilities as an employer, including things like pay, tax and insurance, before you start employing st...