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2. Todays objectives
• To learn and understand the different types of company structures in the UK
• To learn the advantages and disadvantages of each one and to identify the right structure for your
idea
• To understand the different types of insurance you may need for your business
• To look at and understand business bank accounts and why they are important
• To learn and understand how to invoice for your work
• To learn what to keep track of in your business in particular the businesses expenses and income.
3. • Can you introduce yourself?
− Tell everyone:
−Your background
−Your reasons for attending – what you want to learn
4. • You now have 5 mins to create a 30 second pitch for your
idea.
− What is it you want to do?
− What are you wanting to sell?
− Why are you passionate about it?
6. Business structures
• Sole trader, freelance or self employed
• Partnership
• Limited company
• Franchise
• Social enterprise
7. Sole trader
• Convenient when just one person will own the business and will have complete responsibility for it.
• For example
− Graphic Designer
− Advantages
− No registration
− Less paperwork
− Owner entitled to all company profits
− Owner keeps overall control
− Disadvantages
− Unlimited liability
− Level of finance available is limited
− Not as prestigious as Limited company
8. Partnership
• Good structure to use when the business involves two or more people
• Typical examples include web design, graphic design, designer makers
−Advantages
− Flexible structure
− Less paperwork
− Partnerships cannot be taken over by other businesses
−Disadvantages
− Unlimited liability
− Each partner is responsible for other members negligence
− Disagreements between partners
9. Limited company
• Main advantage is that its owners have limited liability for the debts of the business
−Advantages
− Liability is limited to initial cost of shares
− Finance can be raised by selling shares
− Limited company has a separate legal identity to that of its owners
−Disadvantages
− Compliance with a wide range of complex legislation
− Public disclosure of accounts
10. Franchise
• Buying a franchise is a model that is often preferred to outright business ownership.
• It has many advantages, not least of which is that all the branding, marketing and products are already in
place.
• Its idea for those who:
− Want more control than just being an employee without all of the risk of starting your own business
− Want some security – franchises because they have trading history and an identifiable brand could offer
more financial security to starting your own business
− Can afford it – franchises come with a fee attached usually a start-up fee and an ongoing profit share
11. Franchise
• Choosing the right franchise
− Consider your skills and experience and how they may match and / or compliment that of the franchise.
− Think about the demand and competition within your franchise area
− Think about the start-up cost – the franchise fee and any other fees
− Think about the lifestyle changes – some franchises work specific hours / out of hours
− Judge the franchise on its name and potential
− Consider the on going support and training that the franchisor will provide.
13. Company limited by guarantee
• This structure does not involve shares
• Members provide a guarantee (typically for a nominal sum), which will be their maximum liability if
the Company is wound up
• Directors manage day-to-day operation of the Company on behalf of shareholders, although these
can be the same people
• The liability of its members is limited to the amount of guarantee undertaken by the members
• Not profit making
• Still need to complete annual returns to Companies House
• Examples include an Arts theatre
14. Company limited by guarantee
• Advantages
• Incorporation is fast
• Liability of the members is limited to a specified amount in the guarantee
• Commonly associated with not-for-profit organisations
• Suitable for any size of organisation enabling a small organisation to expand without restriction
• Disadvantages
• Not usually adopted as a vehicle for commercial entities or with a view to generating profit for
investors
• Subject to the same stringent filing obligations as a Company Limited by Shares
• Unable to raise finance by the issue of shares
15. Community Interest Company (CIC)
• Company structure designed as a vehicle for Social Enterprises that want to use profits and assets
for the public good
• Basic structure is a limited Company (which can be a new Company or converted from an existing
Company)
• Can be limited by either shares or by guarantee
• Special constitution requires that the Company serves some community benefit and satisfies a
“Community Interest Test”
16. Community Interest Company (CIC)
• Advantages
• A structure which is designed as a vehicle for Social Enterprises that want to use Profits and assets
for the public good
• Offer limited liability and are based on the familiar corporate structure
• Supervision by the CIC Regulator
• Disadvantages
• Limited opportunity for external investment
• Additional regulatory burdens
17. Charitable Incorporated Organisation
• A relatively new incorporated structure designed specifically for charities (but which is not a
Company)
• Two-tier structure: Charity trustees and members
• Trustees manage day-to-day to further charitable objectives
• The charity trustees and members can be the same people
• CIOs, as a charitable entity, are generally exempt from corporation tax. The profits of its charitable
trade are applied solely for the purposes of the charitable, i.e. they have to be reinvested into the
organization.
18. Charities
• Advantages
• Members and Trustees are usually personally safeguarded from the financial liabilities the Charity incurs, which
is not normally the case for unincorporated charities
• The Charity has a legal personality of its own, enabling it to conduct business in its own name, rather than the
name of the trustees
• Simple to set up
• Less onerous accounting practices and governance requirements than those applying to companies
• Disadvantages
• The structure is relatively new and so not as tried and tested as other structures
• Trustees will have management responsibility and be liable for breaches of trust and for fraudulent/ wrongful
trading
• Not suitable for all types of charity
22. Insurance
• Public liability
• Employers liability
• Product liability
• Professional Indemnity
• Sickness or injury
• Contents insurance
23. Employers Liability
• You are required by law to have employers liability insurance if you have employees in your
company
• If your employee is injured at work, or becomes ill as a result of the work they do for you,
insurance covers the cost of compensation to a claimant and legal fees.
• Employees injured due to your negligence can seek compensation even if your business goes into
liquidation or receivership.
• By law, your insurance must cover at least £5 million but, in practice, most policies offer at least
£10 million
• The Health and Safety Executive is responsible for enforcing the law on Employers’ Liability
Insurance. You can be fined up to £2,500 for each day that you do not have appropriate insurance.
24. Insurance
• Product Liability Insurance
• covers the cost of compensation to anyone who is injured, or whose property is damaged, because of a fault in
a product you design, manufacture or supply.
• Professional Indemnity Insurance
• covers the cost of compensation to clients if your professional advice has caused them to lose money.
Professionals such as solicitors, accountants, financial advisers, architects and surveyors may be required to
have this insurance by their industry regulator.
• Personal accident and sickness insurance
• Personal accident and sickness insurance pays a regular benefit in cash to a person who cannot work because
they have had an accident or are sick.
• This is especially valuable if you are self-employed and would have no income if you became disabled or sick.
• If you are sick or injured, the insurance company makes regular payments, usually every week, up to a
maximum number of weeks (usually 52 or 104).
25. Insurance
• Public Liability Insurance
• covers the cost of compensation to members of the public for death, injury or damage to their property
which happens as a result of your or your employees’ negligence.
• By ‘public’ we mean anyone who is not your employee, including people visiting your business, people
taking part in your activities, and people watching activities you have organised.
• This insurance can include extensions such as Property Development Contingency, requested by an
architect where there are high-hazard works or works in close proximity to other buildings.
• Buildings Insurance
• Pays for damage to your business buildings caused by fire, lightning, flooding and even earthquakes.
• Contents Insurance
• Pays for damage to and theft of stock and business equipment.
26. Banking – do I need a separate account?
• Some small businesses don't like to open a separate bank account because of the charges.
• If you don't have a dedicated bank account for your business, there is much more risk of confusion
and your bookkeeping will take longer because there will be more transactions to account for –
many of which will be irrelevant to your business.
• Banks often give you a good deal when you start up
• If HM Revenue & Customs investigates your business, you will be giving them access to your
personal as well as your business income when they look at the bank statements if you mix
everything up in a private account.
• It also means that whoever is preparing your accounts and tax returns will see details of your
personal/private spending
• If you operate as a limited company – although there is no specific legal requirement – you are
strongly advised to open a separate bank account for the company.
27. Naming
• Choosing a name for your business can be tough, but it can be approached methodically. There are
five main types of company name:
• Descriptive (Premier Sandwiches)
• Owner-named (Dave's Sandwiches)
• Multiple owner-named (Johnson Hobson Wilson Potato Peeler)
• Pointless initials (DS Ltd.)
• Irrelevant but memorable (Orange, as in the mobile phone company)
• You MUST check to see if the name you would like to use is being used by another business already
• You can check via Companies House or simply search for the name on the internet.
28. Invoices and what to include in them
• Limited company – must have
− The full company name as it appears on the certificate of incorporation
− Any business name used in your business
− An address where legal documents can be delivered to you.
• Limited company – should have
− Value of the work
− Description of the work
− Invoice number
− Date of the invoice
− Date the invoice is due
− How you wish to be paid
31. Keeping track of income
• Keep an accurate log of:
−Invoice number
−Date raised
−Amount
−Client
−Date due
−Date paid
Page
32. Keeping track of expenses
• Keep an accurate log of:
−Amount debited
−Account debited – name of supplier / cost
−Date
−Type of account (budget line) which its paid against – e.g. marketing, salary
Page
35. What are Terms and Conditions?
General and special
arrangements, provisions,
requirements, rules,
specifications, and standards
that form an integral part of
an agreement or contract.
36. What are Terms and Conditions?
Terms and conditions are
vital to your business as they
set out responsibilities that
relate to you and your
customers.
40. What should they cover?
• Specifying when payment will be due, what interest will be due on late payments, and so on.
• Making sure you can recover as many of the collection and litigation costs as possible, if you aren’t paid.
• Limiting your liability if you are unable to supply the goods.
• Explaining what will happen if only part of an order is delivered, or if a delivery contains faulty products.
• Stating that you retain ownership of goods until payment has been received.
• Intellectual property ownership
• Termination clause
• Privacy statement
• Acknowledgement
• Method to resolve problems
42. Where should they be displayed?
• A supplier should make express references to its standard terms and conditions:
− In catalogues, brochures or other similar documents
− On quotations
− On purchase order forms
− On any acknowledgement or confirmation of purchase
− On delivery notes
− On invoices
51. Summary
• Choose the right structure for your business from the start – it can, in some instances be difficult to
change the structure once you have started
• Choose the right name for your business – something that will make you stand out and be
remembered but not something too difficult
• Check that your company name is not being used elsewhere and that the website address for your
business under the name you want is readily available
• Keep accurate records of everything coming in and out of your business – it will help when it comes
to filing accounts or doing your tax return
• Open a business bank account that’s right for you. Again it can be relatively difficult to change
banks if you need to.