What next?

[sparkle1980]

hi there,
i've started an Interior Design & Decorating service with my friend.
Having checked with the council its ok to run the office from home with no extra charge, what do i need to do next?
We've placed an add in the local newspaper & are planning leaflet drops etc. We've also registered as self-employed at the inland revenue so thats done. But....should we be dealing with solicitors & accountants now? i
f so how do we choose because we havent made anything money yet..(its the first day for the add!!). are there official forms to fill in to form our partnership? & do we need 2 set up a joint bank account now?

[Sarah Jones]

You don't really need to get solicitors or accountants involved at this early stage, however, you should discuss how you want your partnership to work and how it will move forward and then you may decide that you want a more formal agreement between the partners at this stage. It's best to work out what you want first as that reduces any likely solicitor fees if you feel you want to go that route now.

As far as accountants go, they can save you money so it may be worth you getting some information from local firms to see what they can do for your business but it really is not necessary now. The one thing I would do is invest in a good, simple accountancy package that you can run yourselfs. Sage are the leaders in the SME field but there are other options and they are at a reasonable cost. This will get you into the habit of entering your accounts data and working out your expenditure, revenue and the all imporant profit.

Again, bank accounts are at your discretion but I would advise that a joint business account is worthwhile as this saves any arguments about who has spent what and who is owed what.. Your local branch will again advise on this and they are keen to get people in at the first level or negotiate on rates.

Good luck