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42. Disadvantaged of buying
an existing business include:
Finding the right business can take a long time.
Can buy into business problems that remain after
the purchase.
Professional fees can be expensive but are very
necessary for your own protection.
of buying an existing business include:
43. When negotiating try to get an agreement
for a deposit with some being tied into the
continuing profitability of the business. Need
to establish this before purchase in principal
has been agreed, when you are in the strongest
bargaining position.
Business Structures
44. The options you have in
establishing business structures are: -
A Sole Trader
A Partnership
A Limited Company
Sole Trader
45. The Sole Trader is the
most common and simplest business structure.
46. You can trade in your
own name and manage yourself as a self-employed
individual, employ staff, work from home, and
an office.
47. You should notify the
Contributions agency and the Tax office when
you start the business, as it is a change of
circumstance.
48. The main disadvantage
is that you have unlimited personal liability,
you are responsible for the business debts and
your personal assets can be taken to pay your
creditors in the case of bankruptcy.
49. You are the business,
it can take time to build up a reputation with
customers, suppliers if you are not known in
the area, industry.
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