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Entrepreneur: How to Start an Online Business by Lucy Tobin

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CHAPTER 14

SETTING UP A BUSINESS

It’s not just a website you’re creating, it’s a business. Consequently, you’ll have to sort out funding, write a business plan, set up and register as a UK company, organise tax affairs, recruitment, and become adroit at financial reporting. Depending on the size of your site and ambition, you might want to outsource your tax or accountancy work. But you’ll still need to carefully consider which structure best suits your needs, and set up your company accordingly. Sole trader, limited liability company, or a partnership? The benefits and features of each are outlined here:

  • Sole trader: this is the simplest of business structures, with a minimum of regulation. ‘There’s no obligation to file accounts publicly, but ...

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