Rural entrepreneurship in Wales
Rural entrepreneurship in Wales

Start this free course now. Just create an account and sign in. Enrol and complete the course for a free statement of participation or digital badge if available.

Free course

Rural entrepreneurship in Wales

2.4 Company structure

One of the decisions you will be faced with is how to structure your business. This means the legal structure not the organisation structure.

If you are planning a commercial company, there are the following legal forms to choose from:

  • sole trader
  • partnership
  • limited liability partnership
  • limited company
  • franchise
  • social enterprise.

An overview of legal structures is available at Business Wales [Tip: hold Ctrl and click a link to open it in a new tab. (Hide tip)] . It clearly explains the different legal forms. For further advice on this please contact your accountant or adviser.

The Welsh Government agenda has focused on ‘communities’ in recent times, with funding to support the establishment of a range of ‘non profit’ enterprises, community companies, social enterprises, charities, or community interest companies. We alluded to the growing importance of these organisations at the start of the course and also pointed you towards a range of support and advice services.

In setting up one of these you (and your community) will need to consider exactly the same things as any private or for profit enterprise; demand, financial viability, skills and capacity, and how to secure funding. However, as these are often publicly regulated bodies they have complex legal structure and you should contact one of the organisations listed in Links to get appropriate advice.

GB093_2

Take your learning further

Making the decision to study can be a big step, which is why you'll want a trusted University. The Open University has 50 years’ experience delivering flexible learning and 170,000 students are studying with us right now. Take a look at all Open University courses.

If you are new to University-level study, we offer two introductory routes to our qualifications. You could either choose to start with an Access module, or a module which allows you to count your previous learning towards an Open University qualification. Read our guide on Where to take your learning next for more information.

Not ready for formal University study? Then browse over 1000 free courses on OpenLearn and sign up to our newsletter to hear about new free courses as they are released.

Every year, thousands of students decide to study with The Open University. With over 120 qualifications, we’ve got the right course for you.

Request an Open University prospectus371