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Davey
01-03-2004, 01:07 PM
Hello there,

I am trying to set up a web basses bussiness.

There are four of us and we each have well defined roles with in the compnay. The money we have send so far has been from out pockets onlu about 2 grand.

I have looked read some books and searched around on the web and have desided that we need to be LLP or LTD.

The question is what one?

3 of us work full time (for other companys) and one of us is on the dole at the momnet. As we are not yet making money this is fine.

As we start to make some capital we wish to all leave our jobs and comit full time to this venture.

So what I need to know is :-

Whats invoved in setting up each?

Can we reclame the money we spent all ready, from the company accounts.

How will each affect the income tax we all ready pay.

And witch is recomend for a small we bassed bussines.

I know this is very vage. but I just want to get a idea of what is needed. Also sorry about the spelling, im dylexic

Thanks

Dave

Statler
03-03-2004, 11:04 AM
Hi Davey,

You may find the 'Forming a Business' section of Business Link's 'The No-Nonsense Guide' useful:

http://www.businesslink.gov.uk/bdotg/action/detail?type=INT_PUBLICATION&itemId=1073793551&r.li=1074406959&r.pp=12&r.s=p&r.pt=startingabusiness

and pages 63-64 of the Inland Revenue's 'Starting Your Business' guide:

http://www.inlandrevenue.gov.uk/startingup/pages.pdf

Both contain telephone numbers you can ring for further advice and guidance.

One thing to bear in mind is that business partnerships can get very messy, even when there are only two people involved. It is vital that all four of you understand the potential ramifications of setting up a business together.

Obviously a well-researched and thorough business plan will be helpful in detailing people's roles within the company, etc.

Good luck,

Lee