startup-costs, business-registrationMe and a partner want to go into business together. We have planned our first product and have a working prototype, it’s not finished and we need to secure some funding to get it to the end. At what point would it be best for us to set up as a business in the UK (we’re thinking LLP)?
Create the business when you’re about to actually need it.
More often than not, this is either when you’re closing in on some funding (seed money, first client, etc.) or when you need a legal structure to house the IP you’re producing with your cofounders.
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