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

Enislav Mollov

New Contributor
Sep 27, 2018
3
4
13
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?
 

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Davejemmolly

Bronze Contributor
I've Read UNSCRIPTED
Speedway Pass
Oct 1, 2018
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162
Australia
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!
 
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Enislav Mollov

New Contributor
Sep 27, 2018
3
4
13
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.
 

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