Guide to company identities

Do you want to be a sole trader, a limited company or a partnership. This short guide will help.


Do you want to be a sole trader, a limited company or a partnership. This short guide will help.

1. A limited company has several advantages: limited liability, greater credibility, lower tax, better pension rules, more avenues for raising finance and easier disposal of part of your business.
2. Sole trader and partnership have much simpler admin arrangements, less onerous rules about accounts, and better tax treatment of losses.
3. If you are forming a partnership, get a solicitor’s help to draw up a written partnership agreement.
4. The simplest way of all to start a business is to begin as a sole trader.

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