Business-Structures

The Different Kinds of Business Structures

If you are considering setting up a business, there are different kinds of business structures that you need to know about. This will enable you to decide which one best suits the type of business you have in mind. It is a good idea to consult with lawyers to ensure you are choosing the right structure and that you comply with all the rules and regulations. This could also assist you with any future possible business disputes including shareholder disputes.

Once you decide and start up your business, it is always a good idea to keep those lawyers on hand so you can get their advice on any legal matter that may arise. They will be familiar with your business by then and be able to offer the needed advice quickly, which is good when time is of the essence.

Here are the four main business models: –

  • Sole Trader – many people who set up a home business or an e-business at home are sole traders. As the name implies, they work by themselves without any employees. They alone are responsible for debts and they also own all the profits. They may need to consult with a solicitor to find out some of the things needed for their business. Council permission may be needed to start up a business from home, especially if clients need to go there.