In this short video we see Consultant Plastic Surgeon and Medical Director of Cosmetic Courses Adrian Richards answer the FAQ; Which business structure will prove best for my aesthetic clinic?
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Set up in 2001 by RealSelf Top 100 Plastic Surgeon Mr Adrian Richards, Cosmetic Courses is one of the UK’s largest Botox training providers. With a diverse team of expert trainers boasting a combined 113 years of experience in the aesthetic industry and having trained and mentored over 4500 doctors, dentists and nurses we are well equipped to provide you with the knowledge, practical skills and business support to help you set up your own profitable aesthetic practice.
A question we're often asked by people entering the cosmetic industry, is what is the best type of business structure to set up really from the beginning, obviously I'm not an accountant but the general rule; there are three main options; the first is a sole trader, and at the other end of the spectrum have limited company, with the limited liability partnership being the middle option. As a sole trader essentially the money's taken into your account and you pay tax on it. As a limited company, you have more protection so if there are issues with the company you have more protection available to you, and generally if you have a limited company you take the money out as dividends but you can pay yourself some salary by pay EYE. A limited Liability company 'LLP' is a bit of a middle ground between sole trader and a limited company and offers more protection than if you are a sole trader. We really advise you get this right from the beginning, it's really important to look at the company structure and get it right so we can give you advise and provide you with suitable accountants to help you decide which is the best route for you.
