Sole Trader? Partnership? Limited Company? How can you most effectively operate your business.
You have decided that you want to run your own business. One of the most important decisions that you now need to make is whether to operate as a sole trader, a partnership or a limited company. Everyone has their own priorities, and we will help guide you to the best decision in your own personal circumstances.
The factors that we will discuss with you include:
- Your view on risk
- what risks are involved with your new business
- Whether you are married or single
- Whether you own your own home or rent
- Whether you have any other income
- The different taxes to which you will be liable
- Succession plans
- The different reporting requirements
- Public access to your information compared to privacy
- The different costs incurred
Limited Companies and Limited Liability Partnerships offer protection to you and your family against losing your personal assets, but at the cost of less flexibility, more reporting and paperwork, financial information being made publicly available, and therefore greater annual operating costs.