New business startup questions

[tomkin]

Hi Guys,

Been a reader of these forums and been really helpful to me so far

Just wanted advice on a new business I am planning to start.


To give you bit background.

1. It is home improvement ("builders" in plain english ) company.
2. My partner is already a builder for 7-8 years and wants to grow.
3. I am an IT manager and want to do my own thing that really interests me

So we have decided to start a new company to start selling our services to all.

Few questions I have about this are :-

1. What should we choose? ltd or LLP. I am thinking about LLP.
2. We have decided to name the company e.g. "mycompany LLP" but the website "anothername.com" (this will be our main brand)
Is this a viable solution or shall I name the business as "anothername" to keep things simple.

What is simpler ?

Any help will be really appreciated

Tomkin

 

[JohnNash]

Tomkin,

You raise an interesting point on domain name.

There are some instances where it may be better to have a different domain name to your business name (eg. B&Q has diy.com) but for a new company, I would think your business name as the URL is the best option simply because that will be the easiest way for people to find you.

John

 

[leonyu]

I think you'd better use the same name.

 

[tomkin]

Thanks for the replies.

The whole idea to have a different website is, that in future if I need to expand into other areas then I do not have to deal with managing multiple companies.

What do you say ?

Will it fall under a group or something and different companies running under it ?

Is it wise to keep various interests in different companies for accounting purposes or something else.

Tomkin:|

 

[WJP]

Would it not be easier just to use different trading names? When you do the books and your accountant does their job you can still break this down (i.e income from different operations) if you want to, for your benefit. Different companies means completely different sets of accounts, different CT returns...all of the paperwork that you will have to begin with times however many companies you eventually end up with...I'd recommend using different trading names but if anyone wants to contradict me feel free!