Many new entrepreneurial businesses face a similar dilemma - deciding upon the most suitable trading vehicle for the business start-up, be it a Limited Company, Partnership or Limited Liability Partnership (LLP).
A key essential to starting a business is not only ‘the idea’ but taking advice on the structure of the business.
“The structure of the business is the foundation upon which it is built,” notes one of Warrener Stewart’s Principals, Jon Last. “When we have the opportunity to be involved from the start of an embryonic business we can help determine the most tax efficient structure for that business which can have far reaching implications. It is vital to create firm foundations based on sound advice and expert knowledge to allow the new business idea to take off, thrive and grow.”
One start up business that benefited from involving Warrener Stewart at the ‘ideas stage’ is Le Bureau, beautifully appointed serviced offices located in Battersea.
“Early conversations with the Warrener Stewart team helped determine our business structure”
An LLP may not be the most obvious business structure for an enterprise that wanted to become to serviced offices what Soho House is to bars, clubs and restaurants. However, upon consultation with the tax team at Warrener Stewart this was exactly the right fit for the new business at this stage of its business cycle with a goal of moving to a different corporate structure over time. Le Bureau has created a modern office environment in the heart of Battersea where individuals can rent one or more of the 220 attractive and well appointed desks, be it for just a few weeks or several years.
Le Bureau may only have one site currently, but the driving force behind the idea, Paul Mitchell, has plans to replicate the successful ‘rent a desk’ business model in other locations. As an entrepreneur himself he recognised the need to offer small businesses and sole traders the opportunity to conduct their business in a lively and engaging atmosphere with full access to a host of business services from high speed broadband to visitor car parking.
“Le Bureau offers interesting people an amazing place to work and network in.”
In just the eighteen months since Le Bureau was kitted out as a serviced office in Battersea, 75 per cent of their desks are occupied. Looking back on their journey Paul credits Warrener Stewart not only with pointing them on the right track from the outset but with aiding Le Bureau’s development. With only a team of three in the business initially, Paul relied upon the Fulham accountant’s support services for VAT and management accounting plus their guidance on structuring bookkeeping.
Warrener Stewart continues to work alongside Le Bureau. As the business has grown they have relied less upon the accountancy support services, since they now have in-house personnel, but continue to receive timely business advice from Jon and his team. “I love the fact that outside of my quarterly reviews I can pick up the phone at any time and get an instant answer from the team,” declares Paul.
“My business benefitted enormously from Warrener Stewart’s advice – I had little knowledge of tax and business structure so needed to turn to people to offer me sound business advice.”
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