Limited Liability Company Formation¦Registration
By: Norman Silvain FCCA Chartered Certified Accountant

Introduction
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You want to start your own limited liability company business and don't know where to start. If you follow these five steps you will be on the right road to success.

Step One - Where do I start.

Step Two - Market research.

Step Three - Business planning.

Step Four - Company formation.

Step Five - Congratulations

You may be thinking do I really have to do all of these steps, for a limited liability company formation, I just want to start trading, but by doing the preparation and background work and following these steps could make the difference between success and failure.

Therefore spend a little time using our guide and the templates we provide and you will achieve the success you deserve.

Step 1 - I want to own my own business, where do I start?
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You want to start your own limited liablity company business and don't know what to do next. By following this step-by-step guide we will lead you through all the formation decisions you need to make and procedures you will need to complete. Step 1 will guide you through the various areas you will need to consider before you start your own business.

As a guideline here are some of the questions you should be asking yourself. Make notes as you go through the questions of any area that are relevant to your situation.

How are you starting your business?
• Are you starting from scratch?
• Are you buying a business?
• Are you taking on a franchise?
• Or are you starting your business by some other method?

What type of business will it be, shop, trading over the Internet, working from home?

Will my business be a sole trader, partnership or limited company?

Do I need to prepare a business plan?

Do I need to raise funds from an external source?

If so, how will I raise these funds?

Do I need to prepare cash flow statements?

Do I need to keep accounting records?

What accounting records should I keep?

Will I be employing any staff?

How do I keep payroll records and do I need to inform the Inland Revenue?

When and what tax am I likely to pay?

Do I need to register for VAT and what are the VAT regulations?

Do I need insurance?

The above questions are just a guideline and you may have many more questions. There are plenty of places you can go to get further information, talk to other businesses, your local bank should have a small business advisor and of course you can find out from various government sites on the Internet.

Once you have the answers to the relevant questions it is time to go to Step 2 (market research).

You can find step 2 through to step 5 on the Learn More link at
http://www.eFaze.com

For information of users:

Success in business depends on many factors; most important is the need to critically review all aspects of the business proposition before progressing too far.

This article highlights many of the practical points that require consideration before trading begins. It cannot cater for every possibility and decisions should be supported by appropriate professional advice.

This article is published for information only. It provides only an overview of the regulations in force at the date of publication, and no action should be taken without consulting the detailed legislation or seeking professional advice from a relevant professional advisor. No responsibility for loss occasioned by any person acting or refraining from action as a result of the material contained in this article can be accepted by the employees, advisors or www.efaze.com

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