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Content of this unit
Step 4: Choose a business structure
Your small business can be a sole proprietorship, a partnership, a limited liability company or a social enterprise. The business entity you choose will impact many factors from your business name, to your liability, to how you file your taxes.

You may choose an initial business structure, and then re-evaluate and change your structure as your business grows and needs change.

Depending on the complexity of your business, it may be worth investing in a legal advice to ensure you are making the right structure choice for your business.
5.1 Setting up your micro enterprise
5.1.1 Step 1: Do your research 5.1.2 Step 2: Write your business plan 5.1.3 Step 3: Plan your finances 5.1.4 Step 4: Choose a business structure 5.1.5 Step 5: Pick and register your business name 5.1.6 Step 6: Get licenses and permits 5.1.7 Step 7: Choose your accounting system 5.1.8 Step 8: Set up your business location 5.1.9 Step 9: Get Your Team Ready 5.1.10 Step 10: Promote your small business
5.2 Skills for setting up a micro enterprise
5.2.1 Project management 5.2.2 Finance and accountancy 5.2.3 Leadership 5.2.4 Presenting and communication 5.2.5 Delegation and managing people 5.2.6 Sales and marketing
5.3 The cost and risks of setting up a micro enterprise
5.3.1 Product or service risk 5.3.2 Market risk 5.3.3 Financial risk 5.3.4 Health and safety risk 5.3.5 Poor management risk
5.4 Educational film
5.5 Additional resources
5.6 References