Key Points 1
Understand your financial liability.
2
Consider the pros and cons of setting up a company to limit your financial liability.
3
Consider having separate companies for different activities and projects to compartmentalise business risk.
4
Be clear about where you are going. Do you want a lifestyle business or an enterprise you can eventually sell? Use different structures to support your business strategy – don’t let your structure dictate your business direction.
5
Social enterprises should consider the Community Interest Company option.
6
Getting the corporate structure right early on could save lots of hassle later.
7
Look at your structure from an image and branding point of view – the customers’ perspective.
8
Take specialist advice as required from a business adviser or accountant.
9
Consider partnerships through virtual organisations.
10 Decide which aspects of your enterprise should be handled inhouse or subcontracted.
77