B9.130 Incorporation—commercial checklist
There are a number of commercial issues that need to be considered:
Accounting fees. The additional administrative and accounting obligations will invariably lead to higher fees for necessary assistance as compared with when the business was unincorporated.
Accounts. The format of company and LLP accounts must comply with the Companies Act and with all relevant disclosure obligations.
Administration. Companies and LLPs will have more regulatory and administrative matters to contend with, such as the annual return to Companies House, maintaining registers of shareholders, officers and charges
Audit. Once the turnover threshold is exceeded, company and LLP accounts will be subject to a statutory audit.
Benefits. Some social security benefits are not available to those who been self-employed as distinct from employed. Employment includes a paid role in one's own company.
Business continuity. A company has a life independent of its directors and shareholders. The same is true of LLPs. Thus, for example, companies and LLPs