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Champion
 
Group: Basic Members
Last Login: Tuesday, September 02, 2008 11:23 AM
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raggedhalo (1/24/2008)
4. Something else
The other options are to be a sole trader, a partnership, or a co-operative. If you're on your own, you can be Joe Bloggs trading as 'The Dark Guild of Heroic Death' (or whatever) and open a business account in that name. This is by far the easiest way to set up a business - you could start trading as a sole trader tomorrow. If there's more than one of you, then you could set up a partnership, and have a business name and account in a similar way. Although you don't need to have a written partnership agreement, this is extremely highly recommended, as without it one partner is liable for the debts of the other, and if you fall out with your mates the business will end. Co-operatives need a minimum of seven people to start one up, and there are several bureaucratic hurdles to jump through to get registered. I wouldn't recommend this route unless you have strong ethical reasons to operate in that way.
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"Fantasy is the artificial sweetener upon the poisoned cake of materialism." - R. J. Stewart
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Champion
Group: Eos Staff
Last Login: Yesterday @ 5:36 PM
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| At the very start, we looked at becoming a co-op, but were rapidly offput but not having enough mates ;-) Publishing accounts and relaxing both seem like very sound advice. We got the forms for a Treasurer's Account with Lloyds TSB (as they have four branches within walking distance of where I live o_0) and they'll allow you to set up sans constitution, with either just one signatory, two signatories (where either you need both signatures, or either of them) or any number of signatories (where any two can sign things). Downside to needing two signatures is that you can't use Internet Banking, apparently... Cheers once again for the advice!
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Joe Rooney, the Enemy Of Fun
Insurrection LRP: high fantasy in a dystopian setting. First event: 24-26 October 2008, in Leicestershire. Book online before October 1st for £10 discount!
Bladelands: Raoul Ortez - heretic, medium, bodyguard and scumbag
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Heroic Knight
Group: System Moderators
Last Login: Monday, August 11, 2008 11:09 AM
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| With Mandala (same sort of size you're talking about) I went down Trez's route of unincorporated company - ie cheques are made out to me and put into my account. Its far less hassle and I get to use online banking etc plus I bank with the halifax so its very easy to set up a new account (websaver) and use it for nothing else again we also set up paypal to look a bit more official.
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Initiate
Group: System Moderators
Last Login: Thursday, March 20, 2008 3:49 PM
Posts: 4,
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| When we took over at Labyrinthe we spent a long time considering whether to register as a limited company, and after a lot of professional advice we did - mainly for insurance purposes as our insurance had to be very comprehensive given we run in chalk caves. After two years running in this way I can confirm that it does definatly increase the amount of post you get (Companies House the Customs will never win any prizes for conservation of paper!), but overall its been positive. Club members can see that profits are being put back into the club as the accounts are available online (although hopefully the improvements should speak for themselves) and there is the benefit of the club existing as an entity in itself. Andy
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