by Shaheen Darr

Created on: June 09, 2009

Seeking business advice is important for a business to ensure that all the legal and financial aspects of the set up have been followed correctly at every stage. This will help prevent the business owner from encountering any problems with the relevant authorities at a later stage.

Initial Set Up

This is the crucial stage for any prospective business owner because he has to make decisions on the type of business he wishes to run, choose its location and have the finance available to put things into motion. If he wishes to run a franchise, it is vital to get all the information on what will be involved in running it and how much funding will be required to set it all up. If he decides on a limited company or limited liability partnership (LLP), its name will have to be registered with Companies House ensuring there is no other similar name already set up. Whatever the initial set, whether it is a partnership or a sole trader, a set of rules and regulations will need to be followed to get the company on the right footing right from the start.

Funding

If the business is to be funded using a bank loan or by a private investor, it is important to seek help from a financial advisor on how to set up a business plan. This will enable them to see how profitable the business will be in years to come and if it will be able to repay the loan. For those people who need funding or governmental help in setting up their business, there are information sources available both off and online on how to seek this assistance. Advice might also be required in setting up new products or services in case you qualify for grants or other governmental financing.

Taxes

This is one area where a businessperson cannot afford to make mistakes so it helps to get as much advice and information to ensure he is following the right steps. As a self-employed person, he will have to send in his annual tax returns to the tax office and register his company for VAT depending on the annual turnover of the business. Limited companies and partnerships will also need to have a set of accounts that are audited depending on their annual turnover. Seeking advice on how to run a good accounting system will ensure that all business records are being kept as they should in case of any audits or checks by the tax office.

Employees

Keeping up to date records of all the people that are employed and sending in their payroll records to the tax office is another area that cannot be neglected. Similarly,

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