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Post Info TOPIC: Business structure of practice?
GinnyBee


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Business structure of practice?
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What business structure do you use for your practice? And why did you decide to go with it?

  • Sole Trader
  • Partnership
  • LLP
  • Limited Company
  • Other - have I missed anything?

I'm in the process of deciding if I should merge my practice with another and it has made me think about what structure to use so thought what others used and why maight just help!



-- Edited by GinnyBee on Saturday 11th of January 2014 01:55:03 PM

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Shamus


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I'm limited but thats more because I also work with blue chips who won't do business with the self employed rather than feeling that one needs to be seperated fom the business in order to work as a bookkeeper / accountant for other businesses.

For most cottage industry type bookkeeping businesses it's my belief that self employed is the best model for people but happy for others to disagree with that.







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Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
kjmcculloch83


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I am a sole trader. This is because it's a bit simpler for me and that I target sole traders so wanted to be the same structure as my clients.

Kris

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MarkS


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Limited Company

1. To avoid NI which would be payable as a sole trader by taking minimum salary and the rest as dividends to 40% band.

2. Seen as bigger, more prestigious and reliable compared to a sole trader.  Thats the theory though not sure if happens in practice.

3. Cos I just love doing annual return and IXBRL tax return.

In seriousness, main reason is to avoid tax which would otherwise be payable.

Mark



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Mark Stewart CA

http://stewartaccounting.co.uk/

Providing accounting, bookkeeping, payroll and tax services to small and medium sized businesses across Central Scotland and beyond.
RobH


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Also Limited Company for tax efficiency reasons. I started out as sole trader but as soon as profits became reasonable it seemed crazy not to incorporate.

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ilsm


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Limited as I have a number of differing activities. Besides, it's a comforting addition to PI insurance. At least the house will still be mine, whatever happens.



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Mad Liz


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Limited for the same reasons as MarkS.

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Liz Needham FFA FIAB FFTA

Needham Accountancy Ltd
FoxAccountancyServices


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Limited here, too

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