Ian said “I decided to become a Limited company because I realised that larger companies were our target market."
“Being Limited and also registering for VAT before we reached the threshold meant that we could quote and win contracts from those larger companies that would have been reluctant to trust a sole trader. Now, looking back, it just seems easier to organise the business logistically. Another aspect is that, to a certain extent, I am protected if things ever went badly wrong. However, loans etc. still require a personal guarantee.
I have recently looked into funding opportunities for larger scale projects and in some instances funding can be exchanged for equity in the company. I have not yet decided if this is the right route for us but it is an option.
In the future it will be easier to sell the business if we decide to do that. That decision is a very long way off though.”
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