{"id":2363,"date":"2023-01-17T16:02:40","date_gmt":"2023-01-17T16:02:40","guid":{"rendered":"http:\/\/www.robbtax.co.uk\/blog\/?p=2363"},"modified":"2023-01-17T16:03:36","modified_gmt":"2023-01-17T16:03:36","slug":"what-is-the-reason-for-changing-a-business-structure","status":"publish","type":"post","link":"https:\/\/www.robbtax.co.uk\/blog\/what-is-the-reason-for-changing-a-business-structure\/","title":{"rendered":"What is the reason for changing a business structure?"},"content":{"rendered":"<p>There are many reasons for changing how a business operates which may include changing relationships between business and customers. As online trading grows exponentially, businesses are also pursuing new economic activities in virtual markets.<\/p>\n<p><!--more--><\/p>\n<p>Reasons for change could include:<\/p>\n<p><strong>Innovative technology<\/strong><\/p>\n<p>The identification of new cloud-based technology can lead to more efficient and economical methods, allowing for staff cost reductions and the ability to outsource some tasks.<\/p>\n<p><strong>New business opportunities<\/strong><\/p>\n<p>As the marketplace grows and evolves, products may become obsolete. In that case, businesses need to identify what is required to increase their portfolio, become more competitive and sell new products.<\/p>\n<p><strong>Deficient performance<\/strong><\/p>\n<p>Changes are required when business goals and objectives are not being met. It may require re-organisation of working practices.<\/p>\n<p>You may also wish to change the structure of your business operations to:<\/p>\n<ul>\n<li><strong>Become a limited company:<\/strong> A sole trader, for example, is open to personal risk and can face unlimited liability for any business debts. A limited company, as the name implies, will limit any liability.<\/li>\n<li><strong>Go for growth:<\/strong> To secure capital for expansion, it may be necessary to offer a potential investor a piece of the business in return, which may require you to create shares in the busines<\/li>\n<li><strong>Share the burden: <\/strong>It can be a lonely time if things are not going well, so taking on a partner can share potential risks and provide cover for sickness or holiday absence.<\/li>\n<li><strong>Introduce share schemes<\/strong>: You may wish to reward staff and a limited company allows for an employee share ownership plan. They only work within a structure that allows you to create and distribute shares, ie a limited company.<\/li>\n<\/ul>\n<p>If you have found this article useful, it is part of a series of articles offering business advice.<\/p>\n<p><strong>Need help with growth and changing your business model? Contact us today.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>There are many reasons for changing how a business operates which may include changing relationships between business and customers. As online trading grows exponentially, businesses are also pursuing new economic activities in virtual markets.<\/p>\n","protected":false},"author":1,"featured_media":2365,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11,20,13],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What is the reason for changing a business structure? - Accountants in Sutton Coldfield<\/title>\n<meta name=\"description\" content=\"Robb &amp; Co is an independent firm of chartered accountants and specialist tax advisors based in Sutton Coldfield, West Midlands.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.robbtax.co.uk\/blog\/what-is-the-reason-for-changing-a-business-structure\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What is the reason for changing a business structure?\" \/>\n<meta property=\"og:description\" content=\"There are many reasons for changing how a business operates which may include changing relationships between business and customers.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.robbtax.co.uk\/blog\/what-is-the-reason-for-changing-a-business-structure\/\" \/>\n<meta property=\"og:site_name\" content=\"Accountants in Sutton Coldfield\" \/>\n<meta property=\"article:published_time\" content=\"2023-01-17T16:02:40+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-01-17T16:03:36+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/www.robbtax.co.uk\/blog\/wp-content\/uploads\/2023\/01\/What-is-the-reason-for-changing-a-business-structure_-Edited-1.png\" \/>\n<meta name=\"author\" content=\"Robb &amp; Co Chartered Accountants in Sutton Coldfield\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"What is the reason for changing a business structure?\" \/>\n<meta name=\"twitter:description\" content=\"There are many reasons for changing how a business operates which may include changing relationships between business and customers.\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Robb &amp; Co Chartered Accountants in Sutton Coldfield\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.robbtax.co.uk\/blog\/what-is-the-reason-for-changing-a-business-structure\/\",\"url\":\"https:\/\/www.robbtax.co.uk\/blog\/what-is-the-reason-for-changing-a-business-structure\/\",\"name\":\"What is the reason for changing a business structure? 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