Part 2 of 5 On The Home Business Set-Up Guide Dear Reader, These articles will provide a step by step guide on how to start and run a home based business based on my experiences and other home business owners. This is part 2 in a series of 5 articles. They are written in a basic format and where possible main points are summarised in an attempt to be understood by all. I have tried to minimise the technical jargon as much as possible. So lets jump right in and see what we need to know about starting and running a home based business. Regards, Alvin http://www.parttimeincome.org I publish Home Business Tips, a fresh and informative newsletter dedicated to supporting people like YOU! If you're looking for the best rated home business opportunities, latest time saving tools and helpful support from a friend in the business, come by and a grab a F-R-E-E subscription today at: http://www.parttimeincome.org Legal Structures The legal structure of your business is very important as it is a function of liabilities and tax deduction. The most common structures are: § Sole trader § Partnership § Company § Trust Sole Trader When you are a sole trader you are personally responsible and liable for the business and its activities. Commonly you may start out as a sole trader, and as you expand, you will need to seek out partners or investors. Your accountant is the best person to advise you if this is the best structure for your business. Partnership This arrangement is where you and your partner are liable for anything related to your business. It is a very good idea to get a solicitor to write up a partnership agreement to avoid disputes down the track. Company This is a legal entity liable for the debts it incurs and paying tax on income. Your accountant can help you set a company up, or you can buy one off the shelf, which may be more cost effective.
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