Selecting a name for your business is a creative and enjoyable process. It is also one that you need to get right. Customers will deduce a lot from your business name and first impressions count. While it may be tempting to try to stamp your individual personality on your business name, there are many other issues to consider. Being objective and choosing a name that reflects your business strategy can be more valuable, especially as your business develops.

The set of activities described below shows you how to create the right impression, how to display your business name, consider whether your business name will be your brand and get your name on the web. It also outlines the specific rules that you must follow when choosing a company name for a limited company, sole trader or partnership.

• Creating the right impression
• Limited company names
• Sole trader and partnership names
• Sensitive words and expressions
• Displaying your business name
• Getting your name on the web

To put your business on a proper footing with HM Revenue & Customs and other authorities, you need to make sure that it has the right legal structure. It's worth thinking carefully about which structure best suits the way that you do business, as this will affect:

• the tax and National Insurance that you pay
• the records and accounts that you have to keep
• your financial liability if the business runs into trouble
• the ways your business can raise money
• the way management decisions are made about the business

There are several structures to choose from, depending on your situation. The set of tips described below will help you understand the differences between them. If you are not sure which legal structure would best suit your business, it's a good idea to get advice from an accountant or solicitor.

·         Self-employment

·         Sole trader

·         Partnership

·         Limited liability partnership (LLP)

·         Limited liability companies

·         Franchises

·         Social enterprises

·         legal structures

Before your business can begin operating as a limited company, it has to be registered with the Registrar of Companies - Companies House. Incorporation is the process by which a new or existing business is converted into a corporate body.

The set of tips described below looks at the requirements that different types of limited company must meet, and will help you understand the registration process. It focuses mainly on private companies limited by shares, but will also highlight some of the special requirements for public limited companies and private companies limited by guarantee.

You can handle the registration process yourself, but it is a good idea to seek professional advice before you do so to ensure that incorporation is right for you. A company formation agent, solicitor, accountant or chartered secretary can carry out the process for you, for a fee, as well as offer advice.

·         Registration documents and forms

·         The company's officers

·         Types of limited company

·         Where to register your company and get help

·         Tax matters of a limited company

·         Checklist: setting up and registering a limited company (private or public)

This topic looks at the requirements that ordinary partnerships and limited partnerships have to meet. A partnership is a relatively simple and flexible way for two or more people to own and run a profit-making business together. Social enterprises and other non-profit making organizations should not use this business structure.

Unlike the shareholders in a limited company, the members of a general partnership have no financial protection if the business runs into trouble - each partner is responsible for the debts of the partnership as a whole. This means that each partner's personal assets may be at risk if the business fails.

Disputes between partners can cause difficulties, and the partnership may have to be dissolved if one of its members resigns or dies. It's possible to resolve these issues in advance by drawing up a deed of partnership, but you will need to pay a solicitor to do this.

A limited liability partnership (LLP) is similar to a normal partnership - but it also offers reduced personal responsibility for business debts. Unlike sole traders and partners of ordinary partnerships, the LLP itself - not the individual members - is responsible for any debts that it runs up, unless individual members have personally guaranteed a loan to the business.

LLPs are more complicated to set up and run than ordinary partnerships, as they have to meet many of the same requirements as limited companies. LLPs are designed to be used by profit-making businesses. Non-profit making organizations should not use this business structure.

The set of highlights described below will give you a brief overview of what is required. If you are unsure about any aspect of forming an LLP, seek professional advice from your solicitor, accountant or formation agent.

·         The members of an LLP

·         Where to register your LLP and get help

·         Deed of partnership of an LLP

·         Tax matters of an LLP

·         Naming your limited liability partnership

·         Checklist: setting up and registering a limited liability partnership (LLP)

Setting up as a self-employed sole trader is the simplest and quickest way to start a one-person business. There isn't much paperwork to do. There are no registration fees to pay, but you must register as self-employed. Record keeping and accounting is straightforward, and there are the benefits of being your own boss.

The set of highlights described below explains the consequences of, and the legal requirements for, setting up as a sole trader. You will also find out how to meet your responsibilities for paying your own tax and National Insurance. Finally, our checklist will help you make sure that you have put your business on a proper legal footing.

·         Before you start

·         Tax matters

·         Self-employment status

·         Checklist: setting up as self-employed

Selecting the most appropriate legal structure for your business is an important step, and could affect the degree of financial risk you take on, the control you retain over the business and the level of day-to-day administration involved.

By answering a simple series of questions, we can provide most people with a clear idea of the most appropriate business structure in less than five minutes.

This tool does not encompass social enterprises. Please note: this tool is intended to provide useful guidance and should not be used as the only source of information when choosing a legal structure. We recommend that you seek professional advice before making a final decision.

A social enterprise is a business with primarily social objectives whose surpluses are principally reinvested for that purpose in the business or in the community, rather than being driven by the need to maximize profit for shareholders and owners.

Within this definition, social enterprises can take on a variety of forms, including:

• unincorporated associations
• trusts
• limited liability companies
• some industrial and provident societies such as community benefit societies
• charities
• Community Interest Companies
• charitable incorporated organizations

You should note that it's what a business does with its profits that determines whether it is a social enterprise, rather than its specific legal structure. However, it is worth considering the options carefully to ensure the chosen structure is the most suitable in terms of ownership, management style and image. In many circumstances professional advice is recommended.

Taking on a franchise is an choice worth considering for anyone who wants to run a business but doesn't have a specific business idea or prefers the security provided by an established concept.

The right franchise can give you a head start. Instead of setting up a business from scratch, you use a proven business idea. Typically, you trade under the brand name of the business offering you the franchise, and they also give you help and support.

Successful franchises have a much lower failure rate than completely new businesses. However, you will still need to work hard to make the franchise a success and you may have to sacrifice some of your own business ideas to fit in with the franchisor's terms.

This set of highlights will help you decide whether franchising is for you. It shows how you can find the right franchise, and highlights the key issues you need to consider.

• What is franchising?
• Advantages and disadvantages of franchising
• Should I buy a franchise?
• Find out about possible franchises
• Assess a franchise opportunity
• The costs of a franchise
• How to purchase a franchise

If you're thinking about running your own business, buying a company that's already established may be easier than starting from scratch. However, you will need to put time and effort into finding the business that's right for you.

This set of highlights takes you through the steps of buying an existing business, including how to assess and value a business, your obligations to any existing staff and where you can get professional help.

• Advantages and disadvantages of buying an existing business
• Deciding on the right type of business to buy
• Where to look for a business to buy
• How to value a business
• Make sure a business is worth buying: due diligence
• Step-by-step: how to buy a business
• Looking after existing employees