The structure of any venture for commercialising an idea requires careful consideration of a number of issues. There are several options available, including sole trader, limited liability company, trust, joint venture etc.
Each vehicle possesses it’s own strengths and weaknesses and careful consideration is required to determine the best way forward. It is important to make the right choice as early as possible to not only facilitate the growth of the venture, but also to provide protection for those involved in the project. Interests you need to consider are not only your own, but others such as investors – is their investment secure?
You also need to consider protecting your personal assets and examining your, and others involved in the business’ liability. These risks can be minimised through careful planning and obtaining the right advice. Propel can assist with this.