Top ten tips for starting your own business

Thinking of starting your own company? Catherine Feechan, partner at law firm Brodies, has this ten-point checklist to put your start-up on the right track.

by Catherine Feechan

1.    Select the appropriate legal structure

This sounds boring as hell but choosing the right business structure can be crucial. Will you run your business as a sole trader? Do you have a business partner or partners keen on entering into a partnership? Are you planning on setting up a limited company or a limited liability partnership? The most suitable option will depend on your objectives and the most tax efficient way of achieving these. Make sure you do your homework as there is a lot of information out there. For example, incorporating a company requires more administration, but your personal assets will be protected.

2.    Choose your business name carefully

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