Should I create company Ltd and register a business name first?

[Enislav Mollov]

Hello,

I have an idea for internet business and web app. I already hire a developer and he is currently working on the web app. My question is: should I create company Ltd and register a business name first, before I release my web app to the world? Or I should start my business as a person and if I the app succeed then create my Ltd and register the business name?

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Davejemmolly]

In a word, yes!

Regarding business structure, that's definitely a question for your accountant, however I would recommend setting it up in a formal business structure (as opposed to sole trader / owner operator), though this terminology may vary, depending where in the world you are!

 

[Enislav Mollov]

I was thinking the same: to start with formal business structure. The thing is that a friend of mine (a lawyer) scares me that in that formal business structure I should implement al kind of documents regarding GDPR regulations aside from GDPR regulations on the web app itself.