New Business Help

[jonto15]

After having a long thought I finally decided to start up my own business.
Upon approaching my main "supplier" I have been asked to do the following:

Register the business
Show them an opening balance sheet
Information on what customer payment protection I have in place

I was wondering if anyone can give me any help on doing these three things?

Thanks

 

[Paul Kelly ICHYB]

What business/product type are you going into?

 

[Brad Haddin]

First two things are very simple..
#1 Just find chamber of commerce & regional Govt commerce office to find out what are main requirements for your desire business.
#2 open new Bank account for your company.. Or use previous one
#3 This depend upon your products.. Best is to ask frm people who are doing same alike business..

Hope my answer will be enough

 

[robindunne]

After having a long thought I finally decided to start up my own business.
Upon approaching my main "supplier" I have been asked to do the following:

Register the business
Show them an opening balance sheet
Information on what customer payment protection I have in place

I was wondering if anyone can give me any help on doing these three things?

Thanks

You'd have a hard time creating your own balance sheet if you haven't done it before without the help of an accountant. If you haven't done so, you really need to contact one asap.

 

[jonto15]

No i have never done an opening balance sheet. I presume before i do this sheet i need to register as a business.

Can anyone give me any information on the best way to go about this? or even a phone number/website of someone who could help me with these three steps?

 

[Stef27]

Hi

Thankfully setting up a company is fairly easy. I recommend "companies made simple", check them out on Google.
They can also recommend an accountant close to you.

Alternatively, contact one of the accounting forum members. Accountants can set up the company for you (but it will be more expensive), and they will also do the first balance sheet, in addition they can give you options for payment protection.

All the best for your new business, and I hope it's a great success

 

[jonto15]

Ok thanks for that, I am stuck between registering as a limited company or self-employed/sole trader?

I will be the only person working for the business at the start until i see how things get on?

Does an opening balance work for either limited or soletrader/self employed?

 

[DeanCo]

If you wish to register as a sole trader you can now do it online here: Register online as self-employed - sole trader.

Or, if you are undecided check this: Which Trading Structure?

 

[MyAccountantOnline]

Ok thanks for that, I am stuck between registering as a limited company or self-employed/sole trader?

I will be the only person working for the business at the start until i see how things get on?

Does an opening balance work for either limited or soletrader/self employed?

The decision as to how you trade will depend on many factors - an accountant will be able to help. Its the sort of thing I'd gladly help any potential new client with and dont charge for a quick email etc.

An opening balance sheet will be different for a soletrader and a limited company but either is really not difficult for an accountant - 5- to 10 minutes work at the most. I would have thought if you approach a decent accountant to act for you they'd do it free for you.

 

[jonto15]

Thanks for the help!

I have now registered as self-employed sole trader through the link that DeanCo give me.

I take it now just have to wait to hear back and then go to the accountants and get a balance sheet drawn up and some information on the customer payment protection.

 

[MyAccountantOnline]

Thanks for the help!

I have now registered as self-employed sole trader through the link that DeanCo give me.

I take it now just have to wait to hear back and then go to the accountants and get a balance sheet drawn up and some information on the customer payment protection.

No need to wait you can get the ball rolling by contacting an accountant now.