A lot of the London based construction companies do that. For every luxury basement conversion etc they do a solvent liquidation and close the company down when they have finished, no comeback later.
- Thread starter GraemeVW
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ajlelectronics
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The drawback is the additional accountancy cost and Companies House fees every year. I use one just to hold the freehold but trade(d) as a sole trader.
GraemeVW
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For anyone else who may need any help, the gov site here has a link to web chat support.
Answered immediately and was very helpful in listing all the organisation's that can help with my queries!
Took 5 mins and I have links to free business solicitor consultations and all local small business support schemes!
www.gov.uk
Answered immediately and was very helpful in listing all the organisation's that can help with my queries!
Took 5 mins and I have links to free business solicitor consultations and all local small business support schemes!
Get help and support for your business
Get business support and advice over the phone and online - setting up and running a business.
GraemeVW
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I don't think it's a possibility, but just making up scenarios so I understand the situations.
The products I'll be selling don't have a way of injuring anyone unless you hit someone with it.
I guess in this day and age though, you have to be prepared for anything!
I am just planning on small scale. If it does as well as I hope, in a year's time maybe I'll be selling 100 products a week making maybe 30k profit a year.
I was just going to declare the profits as part of my sole trader tax return. Although I've also been advised I could pay myself minimum wage and loose the rest of the profit to expenses
Ltd company sounds like more than I can deal with right now.
I'm jist planning on assembling some simple items in my shed and selling them online.
ajlelectronics
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Stay away from them unless you have compelling reasons to go Ltd.
8ob
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A lot of the do's,dont's and other things you are worrying about could be carefully written into the t&c's. that would require a tick in a box to acknowledge( basically a contract) that they have read and understood everything before the sale proceeds.
Bob
GraemeVW
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Oooo, i like this.
I'll mention it if I manage to find a legal advisor.
One product is soft, one is basically a 2" high table, one is a harmless cleaning fluid. The risks are only really from people who are either trying it on, or thinking a problem came from my product when it didn't. It doesn't really matter if my products cause issues, what matters is people claiming they did and me having to defend.
winchman
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Ltd may be a must as you could end up paying considerably less tax, the fees to run them are not that much I believe in the Hundreds not thousands
GraemeVW
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I know few folk running businesses, from small to large.
I can probably get some advice from them in this aspect.
If it's a Ltd company, does that mean I can build it till it has large turnover, take out huge amounts of debt, bankrupt it and walk away?
