When you are setting up a brand new business, it can be a different process depending on the type of business you are going to run. Here is a brief run down of the different types of business you could run.
Setting up as a sole trader is fairly simple, but it means that you are fully responsible for your business debt. You’ll also have some accounting responsibility.
When you form a limited company, the finances are separated from your personal finance, but there are more reporting and managerial responsibilities to handle. Some people choose to take on an accountant to help run the finances properly.
A partnership is a good way for 2 or more people to run a business together. You can then share business debts and accounting responsibility.