A company (or firm) is an artificial legal person, created to engage in or carry on a business or industrial enterprise. A company has separate legal status from its owners (known as ‘members’) and can own property, sue or be sued, and incur debt. It is managed by a board of directors or other company officers. It can also be owned by a single person (a one-person company).
Company structures are more complex and costly to set up than sole trader or partnership options, but they can offer greater protection from personal liability. They can be more appropriate for large businesses with a wide range of employees. It’s important to get legal advice early on about whether a company structure is best for your particular circumstances.
Setting up a company can be a significant investment of time and money, but it can also be highly rewarding. Many successful entrepreneurs will tell you that their first business venture was a failure, but they will also say that the experience gave them valuable lessons and led to greater success later on. It can be a great way to make a difference in the world and take control of your own destiny.
Before you start setting up a company, do some research to find out what’s already available in your market and how it works. Having a clear idea of your target market and competition will help you create a detailed business plan, which is an essential step in starting a new business. set up a company