If you are considering forming your own company, from registering as a sole trader to limited liability partnerships, there are a range of company formation options available to you. However, regardless of the company formation structure you choose, one of then most important decisions you will make, is whether you choose to run you company independently or with a partner.
According to recent research carried out by insurance company More Than, the number of people choosing to start a family business since the recession hit, has risen exponentially. The report also claimed, that in a hostile job market -such as the one most job seekers are currently faced with -a high proportion of employees would prefer to work for a small family run company, than a big corporation.
The report suggests that since the very public meltdown of the finance sector- among much other large corporations – most employees and recent graduates no longer trust big business. According to these findings family-run companies have a reputation for providing greater job satisfaction, flexibility and opportunities for quick career progression.
Martin Turner, Head of Enterprise at Manchester Business School comments: “The UK’s economy has always relied heavily on the success of family run companies. Many employees have faced redundancy and uncertainty during the recession and as a consequence, will be seeking roles that not only offer greater job security in the future, but also a more enjoyable and flexible team environment.”