Chapter 5
Structuring Your Business
IN THIS CHAPTER
Finding the right business form
Exploring working on your own
Going into partnership with others
Starting a larger company
Buying out a business
When you start your business, you have to make a decision more or less from the outset on the legal structure you’re going to use to trade. Although that’s an important decision, luckily, it’s not an irrevocable one. You can change structures as your business grows – though not without some cost and paperwork.
The simplest structure is to make all the business decisions yourself and take all the risk personally. You don’t have to shoulder all the responsibilities when you start a business, though most people initially do so. It may be great doing everything your way, at last, after the frustrations of working for someone else. But it can be lonely or even scary with no one with whom you can talk over the day-to-day problems and share the responsibility of decision making.
If your business ...
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