What should I register my Business as?

[derek]

I am in the process of setting up a new on-line Sublimation / transfer / gift-ware Business, but I am unsure what I should register it as IE: sole trader etc... to start off with I will still be working full time in my other job as a PAYE. Any help would be much appreciated.

Thanks

Derek

[John G]

I think soul trader should be OK - that's what I started out with then changed it to a partnership

[derek]

Thank you for your fast reply John, it is much appreciated and I hope you have great year

Derek

[John G]

I think if you reg as a ltd company there is a lot more paperwork to carry out but in the event your company doesn't succeed, you have limited your debt. Whereas a soul trader you'd be liable for all debt if your company went pop.

[logobear]

sole trader, easy in, easy out, least paperwork

[cardman]

if i was a business id be pretty wary about giving credit to any Ltd company in this day and age because you simply may not get paid.

[mrs maggot]

sole trader is the right way until you have stopped your full time job, its nice to see someone doing it right, and not just pocketing the money as a bit of "extra cash" starting off like this the right way, will ensure a good future in front of you. good luck.

keep a good set of accounts, adminsoft is free - start it right at the beginning and it will make things a lot easier, esp at the moment, when your full time job is paying for the outlay, you need to be able to show it all

[AdamB]

keep a good set of accounts, adminsoft is free..........

Not seen this before Laura - just downloading to try now, do you use it?

[smitch6]

pity it's not compatible with a mac

[mrs maggot]

yes adam its what i use, just be careful when you set it up, to backdate it to as early as you need (so add 6 months onto your start date at least) as once set up you cannot alter the start date for figures - ie enter a receipt for jan dec 31st if you set it up for jan 1st. smitch, have you been on the forum, there was somthing about mac, but not being an mac person i have not read