SB: Small Business Start Up Discussion

sorryaboutmywife

I'm a sole trader and have been working with another sole trader for 20 years. Now we are at a point where we're considering changing to a partnership/limited company/llp/lp but I'm confused as to what is best.

My credit rating is unblemished but he has a slightly more chequered history. Which way to go so as to limit any liability/avoid my credit rating being affected/keep our liabilities personally responsible?

Sorry if this is obvious, I've been reading and going round in circles for ages

Savvy_Sue

sorryaboutmywife wrote: »

I'm a sole trader and have been working with another sole trader for 20 years. Now we are at a point where we're considering changing to a partnership/limited company/llp/lp but I'm confused as to what is best.

My credit rating is unblemished but he has a slightly more chequered history. Which way to go so as to limit any liability/avoid my credit rating being affected/keep our liabilities personally responsible?

Sorry if this is obvious, I've been reading and going round in circles for ages

We can only give very general advice, and I'd recommend getting advice you can rely on (ie sue the pants off the adviser if they get it wrong), and you'd have to pay for that. Definitely get legal advice before signing a partnership agreement. Do you currently have an accountant? I'd suggest that would be a good step anyway ...

talbot_charity

Hi I'm looking to start selling sweets either online/indoor carboot. It will involve buying the sweets from wholesalers and then repackaging into suitable bags for resale, in my kitchen. I know that I'll need proper calibrated scales but does anybody know what else I would need to do to comply with any legal requirements. TIA

Savvy_Sue

I think, food hygiene and full list of ingredients on each packet.

On a more practical note, permission from your mortgage provider / landlord to run a business from home. Agreement from your insurer to cover the stock.

And are you sure you can make the figures stack up?

talbot_charity

Thanks savvy sue just been on a business start up course so gonna sit n work them out. Just want to get to know what I'd have to pay out for any courses/certificates/inspections to factor those costs in

basil1

Hello


I hope I am on the right thread. I will try to be brief. Any advice most welcome.


I currently work 16 hours per week in the public sector and get working/child tax credits due to being a single parent. I am looking to start a small business and am aware that I have to register as self-employed. Having watched a couple of other people start similarly (teaching yoga) I am aware that any profit I make will be marginal and will take a few years to be profitable. I am suddenly very anxious about my tax credits allowance. Do I need to inform tax credits separately about my new venture? Will they adjust my award immediately or will they wait until the end of the tax year for my earnings?


Thank you in advance.

TheTracker

basil1 wrote: »

Hello


I hope I am on the right thread. I will try to be brief. Any advice most welcome.


I currently work 16 hours per week in the public sector and get working/child tax credits due to being a single parent. I am looking to start a small business and am aware that I have to register as self-employed. Having watched a couple of other people start similarly (teaching yoga) I am aware that any profit I make will be marginal and will take a few years to be profitable. I am suddenly very anxious about my tax credits allowance. Do I need to inform tax credits separately about my new venture? Will they adjust my award immediately or will they wait until the end of the tax year for my earnings?


Thank you in advance.

Have you walked through Working Tax Credits and Child Tax Credits to ascertain the impact?

Le_Frans

help
I have a small startup in games
I want to go to the next level and make a paid subscription
I need to register as self-employed?

Savvy_Sue

Le_Frans wrote: »

help
I have a small startup in games
I want to go to the next level and make a paid subscription
I need to register as self-employed?

Yes. that answer will be too short ... do you have links to the indie community? they can be very mutually supportive.

SecretDuck

My mother and I are hoping to start our own businesses, but funding is the hurdle on the path to success, unfortunately.

Mother: A jewellery business. We found that a lot of crowdfunding sites don't want it but they do want innovative products. She needs funding so she could buy stock and actually build the business, but so far finding funding has come out nada.

Me: A game development business. Unfortunately I can't do crowdfunding at the moment, as even making a demo game costs a few thousand pounds. I'm awaiting an answer from Start Up Loans but I need other options just in case they say no.

Another problem is that none of us have collateral in the first place, so secured loans from Funding Circle doesn't work out either.

Any help would be appreciated