A business entity is the vehicle a person or group of people use to carry on a trade or activity. There are four main types: Sole trader, Partnership, Limited liability partnership, Limited liability company
n some cases, it may be more beneficial to just incorporate straight away. A lawyer can give you tailored advice to your specific needs and future plans. If you have a partnership or a company with more than one shareholder, you should take legal advice on how to protect your interests.
Remember to bring along any necessary paperwork, including proof of your identity and address, as well as details of your finances. Advisers usually ask you to complete a 'fact find' to provide them with relevant information – to save time, ask if you can fill this in before your meeting.
You will only be called upon to give evidence of facts – usually what you saw or heard. Provided a witness keeps to the rule that they only give evidence of facts and do not get involved in arguing a case with any advocate then the experience should be surprisingly simple.
LTDs require a UTR and a CRN to identify them for tax affairs. These essential numbers are seamlessly allocated when you register your business as a limited company, eliminating the requirement for additional submissions beyond the standard company registration documents.