New to this all

[rockyrock25]

Hey Guys,
The idea of this Forum to get some feed back and advice seems cool.
I am currently working as a Marketing Executive with a Postal company.

I have been thinking of registering a company of my own and selling software’s which me and my mates develop in Access. Mainly for database and sales process functioning.
How ever since this is a just a fresh though and have never thought and investigated in this line, I would appreciate some guidance about company registration and launching an e-business.
A note of advice would be appreciated.
Many thanks in advance
Rockyrock

 

[Ozzy]

Hi RockyRock,
Hello and welcome to the forum! I'm sure you will get plenty of advice and feedback from this forum as everyone is in the same boat and very friendly

There is a couple of company registration agents on here who can help with the registering of your company side of things, me included, and plenty of e-businesses ... so ask any specific questions you have in the forums and we'll all be happy to help!

 

[top-click]

Hi Rockyrock - and welcome, i can only repeat what Ozzy says! - everyones friendly, knowledgable and open for questions - do you have anything marketing specific in mind?

Welcome
Rob
top-click

 

[BMS]

Hi Rockrock

Welcome to the forum, with the wealth and breadth of experience here, I'm sure most if not all of your questions can be answered.

Good luck for the potential new venture.

 

[MartinC1970]

Hi.

Good luck with setting up. If you need help in setting up a business bank account, feel free and I'll put you on the right track.

Regards.

 

[rockyrock25]

Hi everyone,
Thanks for your reply.
Well for the start , what I am looking it to know, what is the procedure and the expenses which goes into registering a company and do we need to have a location for the company or is it okie to have a company registered online and have just an online company.
I appreciate your help.
Cheers

 

[top-click]

Hi Rocky - from my experience it is a lot easier and quicker to register online - in fact Ozzy above does it, I have formed 2 companies over the last 18months - one using an accountant [very painful, expensive and drawn out] sorry accountants! and one using an online service [quick, easy and far cheaper.

I'm no legal expert, but I think you need to have a registered address - but there are companies that can handle this for you too - registered office providers.

Cheers

 

[rockyrock25]

Thanks Top click,
I will surely need you as well to help me out with setting up click advertising.
Looking forward for some more advice and then hopefully should get on with this project very soon.
Thanks again.

 

[top-click]

No worries - I am actually running some free trials for Forum members at the moment (they are paying click costs only) - I'll let you know when I have a free slot is you like?

Either way, best of luck
Rob
top-click

 

[Ellie]

Hi Rocky

Why do you want to set up a company, as opposed to operating as a sole trader or small business?

If you are a just a business or sole trader, you just need to inform inland revenue and fill out your tax returns each year.

From my experience, being a registered company involves a variety of hassles, such as company returns and yearly fees, as well as the tax return. It can also be a hassle if you want to close the company down.

 

[rockyrock25]

Hi Ellie,
I appreciate your argument.
How ever if you advice me to be a sole trader or a small company. Does that not to be registered.
I mean in legal terms how will that work??
Secondly and more importanly I am a professional and am working on a work permit in the UK. How ever I am a resident till 2010
saying that I need not worry as soon I will qualify being a citizen of the country and have indefenate residence permit.

Ellie, I would appreciate if you can shed some more light on your point as its a point to ponder on...

Thanks for your help
Rockyrock

 

[Srivvy]

Hello Rocky

A 'company' by law and definition must consist of least two people. Starting a company requires you to fill in numerous forms, including the issuing of shares, even if they are all owned by one person.

The alternative is to simply inform inland revenue that you are starting a business and all you need to worry about is paying your taxes each year.

Being a company means more paperwork and the public have the right to see information on your financial affairs. The benefits of a company include some legal protection if you were to be sued and in the case of bankrupcy with debts owing, the company goes bankrupt not you - ie you do not necessarily lose your house. However, a mismanaged company can be a serious offence in legal terms, as the public may take some of your financial burden.

People generally do not know the difference between a company and a business and tend to use the words interchangeably. Many businesses describe themselves as a company to sound more professional when they are not.

I am no expert, but I think most of what I have stated is correct.

I think that what Ellie was trying to say is that unless you have a particular reason to be a company, there is no need. Just contact inland revenue and tell them that you are starting a business, which covers the terms 'sole trader', 'partnership' and others.

This post is a bit long - I'll go.

 

[rockyrock25]

Dear Srivvy
Many thanks for your feedback.
I really appreciate your comment.
I am now a bit more confused about this.
Say if I have an idea and a product (e.g.: software package) and I want to sell it on the web making a website and a small online company, then how be the best thing to put up. And would this be termed as an ltd company and will it need to be doing anything with the shares??

Thank you and all of you in this forum, for giving valuable feedback and helping me and new comers to understand things more clearly.
Best regard's

RockyRock
Rocky

 

[Deleted member 3454]

Hi Rocky

I sell my Virtual Assistant services as a "sole trader".

When I set up the business I rang the Inland Revenue and advised them of the start date of my company and they send me a tax return every April. National Insurance contributions have to be paid and this is straightforward.

I have chosen not to register for VAT at present as my turnover is nowhere near the threshold.

Being a sole trader means that my business is not a ltd or plc company and there are no shares or dividends - I run my business myself and no one else has a part to play in it, unless invited to advise me.

You could contact your local Business Link - they may be able to advise you on setting up a business and what may be most appropriate for your circumstances.

I hope this helps.