Business Formation

There are five popular options for starting up in business. You could:

buy an existing business;
become an agent for a larger firm;
become a sub-contractor to other businesses - or offer business services;
open a shop, restaurant or a pub; or
buy a franchise.
Than you may need to decide what type of orgaization you want to set-up. It is a "Profit" or "non Profit" organizatiom? You'll also have to think about the way you operate your business. Most people set up as :

a as a sole trader (one person owns 100 per cent of the business);
in a partnership (setting up a firm with two or more people);
as a limited company; or
a public company
There are pros and cons to the way each of the above operates (we will discuss in next session)