Rank: New forum user 
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i am currently looking at setting up a little company to do some consulting for a friend and a few others alongside my current job. They know about it and everything is above board.
I thought that it would be best to set the company up as a Ltd to avoid any ramifications back to me if things did go a bit wrong, hopefully never needed but better safe than sorry. is this the norm? how do the rest of you lovely folks do things? sole traders? etc....
would be very interested to hear your views.
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Rank: Super forum user
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Seek competent legal advise as the term LTD does mean limited/restricted liability for as many areas as U may think that it does
Best of luck
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Rank: Super forum user
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Chris, I agree with Bob on this one. Get some professional advice first; this should also include the possible impact on your current work (so get some accountancy advice as well). Your tax returns can be complicated if you operate as an employee and own a Ltd company which generates revenue.
You should have the correct insurances for the task, not just the cheapest quote!.
Make absolutely sure you have no conflict of interests on the legal front…?
If your knowingly acting as competent person have you addressed the implications if you are needed to attend meetings or even court in your normal works time. How will your current employer feel about this?
If you need any specific advice feel free to PM me and I can go through things with you….Good Luck!
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Rank: New forum user
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thanks for the advice, is it advisable then taking all the rest into account to go sole trader? doesn't that leave you exposed to losing house etc?
given my relatively limited knowledge on this that is why i decided to look at Ltd.
I will have to look long and hard then at getting more advice.
any more comments welcome.... the more the better for me.
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Rank: Super forum user 
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Chris, the choice over whether to set up as a sole trader or establish a company is largely one of how you want to be perceived by your potential clients.
If you trade as a responsible professional, abide by the IOSH Code of Practice, stick to your competencies and do not run up massive debts there is litle chance of losing too much. Buy appropriate insurances (take professional advice from a decent broker) and find a friendly local accountant who understands small businesses. They will guide you through what is best for you, including advising HMRC as necessary.
That's all the easy bit. Then comes generating and maintaining sufficient income to pay all the bills whilst still holding on to a full-time job. Tiredness and good practice make uneasy bedfellows. Good luck.
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Rank: Super forum user 
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Chris,
I am shortly going to embark on the consultancy route & the information already offered by others is invaluable.
For my part, I have decided on working as a sole trader for the time being, & have had very good advice from the small business adviser at my bank on a range of issues, including accounts, insurances, etc. (they have also given me two years free banking!)
I am also consulting the consultants (a previous thread) as their experiences & knowledge in this area is again invaluable.
Zyggy
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Rank: New forum user
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zyggy,
cheers, what made you decide to go sole trader?
chris
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Rank: Super forum user
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Chris,
I took professional advice, spoke to a few consultants & given what I intend to do, it fitted my expected customer profile.
If things change, then a Limited Company is always an option in the future.
David's comments are very insightful, & please remember that you must have the correct level & type of professional indemnity insurance.
Good luck with your venture!
Zyggy.
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