Are you starting a new business during the pandemic?
COVID-19 has hit our economy hard. A global recession is likely, and many businesses are looking at their best options for survival.
However, amid the anxieties and stresses we are all currently facing, an economic downturn creates opportunities. Many successful global businesses have grown out of tough times in the past. For example: in 1929, the Great Depression saw the birth of Disney, and brands such as Air B&B, WhatsApp and Uber grew from the last financial recession in 2008.
Many businesses are placing their staff on furlough or making redundancies, which leaves many talented individuals with spare time on their hands. The coronavirus has generated new problems and created opportunities for innovation. Start-ups can bloom as they deliver solutions to these issues.
Types of company structures
After the initial business idea has developed, one of the first steps for any new business is to consider which company structure will work best. There are various structures for UK businesses, the most common of which are:
- Sole trader
- Partnerships/Limited Liability Partnerships
- Private Limited Companies
- Public Liability Companies
Our free guide looks at the characteristics, the pros and cons of each of the mentioned structures to help you decide what would work best for your business.
As each business has its own unique and complex circumstances, we are here to offer guidance on finding the most suitable company structure. If you need advice on the various structures or have questions on what next steps to take, then please get in touch with Ian Saunders.
Our Company Secretarial team can also support your business to meet its statutory requirements and maintain records, as well as advising on share capital distributions. Give us a ring on 020 7724 6060, and we will help your business blossom.