Shaz discusses the differences between various business structures and looks in detail at how a limited company operates

He answers questions from his audience and explains the importance of a shareholder’s agreement along with great advice on the detail of setting up and running a limited company

 

KEY TAKEAWAYS

• With a limited company, you have limited liability
• The bank wants a commitment from you about the deal and a personal guarantee is a way of doing this
• If you are a partnership the partners pay tax individually, If you have a limited company the company pays the tax
• Entrepreneurs’ relief is now business asset disposal relief and has a limit of 1 million
• If you sell your shares in the business and claim business asset disposal relief you will only pay 10% tax
• With a sole trader or partnership only you, your accountant, your bank and HMRC know what you are doing
• As a limited company, you have to follow the companies act and need to make sure you have a shareholder’s agreement

 

BEST MOMENTS

‘Try to limit the amount of your personal guarantee’

‘The management style is down to the directors’

‘A limited company is less flexible because you have to follow additional rules’

 

VALUABLE RESOURCES

[email protected]

 

ABOUT THE HOST

Shaz Nawaz is a serial entrepreneur; he owns five thriving businesses in diverse sectors.

Shaz is committed to helping business owners build successful businesses. Having conducted over 3,000 business growth consultations he has helped his clients generate millions in additional profits. His purpose is to inspire business owners to build businesses that are hugely profitable and sustainable.

He is a huge advocate of having multiple streams of

income. He has written a number of business books and regularly contributes articles to mainstream media outlets.

You can find Shaz on:

•   Facebook

  LinkedIn

  Instagram

  YouTube.