Anyone setup a limited company?

[inflynx]

Partnership

Beware of the personal liabilities in partnerships and being dependent on the partner. If he quits, there goes your partnership.

With Ltd you are not liable personally (well, not exactly), you will be less dependent on someone else and will generally be viewed more serious.

 

[Paul11]

if you need to have limited liabitliy would depend on a few factors

it would still be worth getting some advice from an accountant

but as it sounds, the op would set up a partnership, run for a short while to prove that the idea was succesful and then form a ltd company

 

[spudbynight]

Reputable companies won't deal with you if you don't have insurance. You might need to register self-employed to create a company name and to open a bank account.

That is one issue - bigger is the fact that if you are a consultant then you could be viewed as a disguised employee by HMRC. This would leave your client open to paying you employers NI on your invoices.

 

[ristac]

Just do it as a sole trader and fill in a self assessment tax return at the end of the tax year.

 

[shine]

What advice was that out of interest?

Some of the advice is common sense i.e. set a salary that allows you to pay your bills and not rely on dividend payments, how much to claim for home/office -pointing out a higher claim could have implications for local business rates and potential capital gains issues when you sell up. It's very specific advice which is why everyone is suggesting talk to an accountant.