Daily Operations

Session 2 - What structure & tools do you need

Congratulations. You’ve been muddling through for two months and I hope you’ve found online information about running and registering your company. This session is all about types of company and not going to prison!

The Government Stat a Business website gives some basic information about business types. We will explore the right fit for you and the sorts of records you need to keep to stay legal.

By this stage, you should have a basic spreadsheet with your business goals & current spend. Let’s make that stricter.

There are several basic types of business

• Sole Trader e.g. honest Sam’s Private Fire Fighting
• Partnership e.g. Mary & Daughters Car repairs
• Social Enterprise e.g. a charity
• Limited Company

We will focus on Limited Company - it’s the starting point for beein a Global Mulit-National.

A basic limited company

Fundamentals of Your Company Ltd.

• it is a legal entity that can be praised and sued just like a person. This is important in America.
• it is owned by the shareholders. The shares have value and are bought from the company. This affects voting
• it is incorporated by giving it a name and registering it at Companies House, along with Articles of Incorporation.
• the Article of Incorporation are the rules that your company will follow - e.g. who is on the board, how often who votes, who gets rich.
• it usually has a board that makes decisions on behalf of the company
• the board has a Chair and the board usually elects its members and coopts specialists as needed