Cheapest Place to go Ltd from Sole Trader + Trademark Checks?

IrishGypsy

Hey all,

I recently started up a small company as a sole trader to run along side my FT job (until I get the business fully up and running the way I want).

Now, my solicitor advised me to switch to a Limited Liability Company/Limited company (is there a difference between the two?) Does the UK have LLC compared to Ltd companies (I've mainly spoken to him over the phone and getting him to do the paperwork @ £150ph is pretty hefty).

As I'm the only one employed by my company I am told I can be the Secretary as well as the director. What company would offer me the best value for moving across to the right type (whether it be LLC or Ltd).

Also, I noticed that www.start.biz do such things but they also do Trademark checks, as I have yet to launch my product (which is still in R&D stage) is this company good/good value for doing the trademark check with and perhaps registering as a Ltd/LLC company?

Any and all help on this (as well as any clarification anyone thinks I should know) would be greatily appreciated!!!)

Horace

Do you have an accountant? If so they should be able to advise on how to do it. You can check trademarks online although I am not sure of the website details but I did look last year.

What does your employer think about you setting up a business? There maybe a clause in your contract about being a director of a company - i.e. you are not allowed.

The UK does allow LLPs or Limited Companies - LLPs are often solicitor firms, I havent come across an LLP that isnt. I think that a limited liability is much the same as a limited company only with a limited company you will need to pay yourself a wage and pay corporation tax. Personally, I would stick with being a sole trader until such time as the business has grown and you need to employ staff and then consider switching.

BTW £150 per hour plus VAT isnt that bad, however, if it is too expensive then consider negotiating the fee down. I did that with my solicitor and got her fee down from £195 plus VAT to £170 plus VAT.

You can also get free advice from businesslink.

IrishGypsy

Horace wrote: »

Do you have an accountant? If so they should be able to advise on how to do it. You can check trademarks online although I am not sure of the website details but I did look last year.

What does your employer think about you setting up a business? There maybe a clause in your contract about being a director of a company - i.e. you are not allowed.

The UK does allow LLPs or Limited Companies - LLPs are often solicitor firms, I havent come across an LLP that isnt. I think that a limited liability is much the same as a limited company only with a limited company you will need to pay yourself a wage and pay corporation tax. Personally, I would stick with being a sole trader until such time as the business has grown and you need to employ staff and then consider switching.

BTW £150 per hour plus VAT isnt that bad, however, if it is too expensive then consider negotiating the fee down. I did that with my solicitor and got her fee down from £195 plus VAT to £170 plus VAT.

You can also get free advice from businesslink.

I've already cleared it with my employers as the industry I have my business in is in no way related to my current FT job. I don't do anything during working hours towards my own business and focus 100% on my job in hand.

I'm looking to go Ltd as I will be dealing in products that in a way deals with other peoples material , so having just my business as the only real 'asset' is prefferable tbh.

The solictior specialises in copyright law (which is what I need), and I've been told that's a pretty fair rate, it's just making sure that the money is there should I choose to go down that route for other aspects (going ltd etc).

Thanks for the input.

bingo_bango

Applying for a trademark is quite easy, but will cost £280 if you go as far as getting the mark. If you need a patent there are then also ongoing fees payable every year for 20 years to keep it (IIRC it's £50 in year one, rising to £400 in year 19). You get 20 years max to sell / licence the product. After that, anyone can use the technology you came up with for free!

I was actually in their office on a course this week, and they all seem to be reasonable people who have their heads screwed on.

You can find all the info at IPO website and the central enquiry unit can deal with questions if you call them.