Compliance considerations for new businesses

Getting it right from the start

It’s fantastic you’re looking at starting a new business! Whether you’ve got a “big idea” and are still mapping out your business, or you’re ready to begin trading, setting up your business correctly from the outset will help you in the long-term.

Deciding on the right structure is important. The structure of your business will impact how much tax you pay, the level of risk to your personal assets, and how you access finance in the future.

Six most common business structures

To get you started, we’ve listed the six most common business structures found in the UK. If you’re ready to register your business go to the Quick Links section further down the page.

• Sole Trader (Self-employed)
• A Limited company: Either Limited by shares or Limited by guarantee
• A Business Partnership
• A Limited Liability Partnership (LLP)
• A Social Enterprise
• An Unincorporated Association

The Federation for Small Businesses offers a brilliant toolkit on How to set up your business, which explains each structure in more detail.

Compliance quick links

Set up your Limited Company

Visit gov.uk to register your business with Companies House

Register my business

Register as a Sole Trader

Visit gov.uk to register as a Sole Trader

Register as a Sole Trader

Set up a Business Partnership

Visit gov.uk to register your business as a Business Partnership

Set up a Business Partnership

Set up an LLP

Visit gov.uk to register your business as a Limited Liability Partnership

Set up an LLP

Set up a Social Enterprise

Visit gov.uk to register your business as a Social Enterprise

Set up a Social Enterprise

Set up an Unincorporated Association

Visit gov.uk to register your business as an Unincorporated Association

Set up an Unicorporated Association