Step 3 – Name and Structure your Business

Once you’ve identified your business model and what your plans are moving forward, you can start to shape how your business will actually look. Choosing a company name is one of the most important things to consider when forming a business. It is also one of the very first decisions that you will have to make – as a result, it’s always best to do your research and plan thoroughly before choosing one. In order to do this it will be helpful to understand how you will register your business and what structure it will have. The structure you choose defines your legal responsibilities such as:

• the paperwork you have to fill in to get started
• the taxes you'll have to pay
• how you can take the profit the business makes
• what you have to do if the business makes a loss

Tip: When considering your business name, look to see what website domains are available too.

To understand company structures, HMRC has created an interactive guide to help you decide which type works best for you.

For helpful tips and advice to give your business a name take a look at the Startups.co.uk page on how to choose the perfect name for your business.