Some of you have told us of your personal experience - and some surveys, such as OECD surveys confirm the same.
Some experts continue as freelancers in their personal name being "located" at their home address.
However, there are a variety of reasons many consultants prefer a company formation:
- Your clients prefer or insist on contracting with you as a company for your project
- You can limit your personal liability with Limited Liability and use of Professional Indemnity cover
- Better deductibility of expenses through a company
- Capitalise on your strong personal name and develop it into a corporate identity
- Bid on projects, sub-contract other consultants and build a business more quickly
So the answer for many consultants or small businesses is definitely yes - having a company delivers so many advantages that it makes sense to have one.
But did you know that for so many of those people, that's as far as it gets - setting up a company. Many fail simply because they hit the brick wall of the time and cost of company administration or failure to obtain a bank account. That's even before they have a credible business plan in place.
But the next question is which solution works best for you and gives you best Value for Money?
Fortunately for you, Hubconsult aims to help you with all of these things!