Ultimately, you need to weigh up the difference between a sole trader and limited company, as the structure you choose could impact everything from your profits to paperwork.
Should I be a sole trader or a limited company?
Don’t rush into any decision and speak to an accountant if you’re unsure, as their expertise is often invaluable when it comes to tax.
Elsewhere, investigate insurance – regardless of the structure you choose – as running any type of business will bring its own unique risks. Discover more on sole trader insurance and limited company insurance and find out a basic overview of what you’ll need.
Sole trader advantages
Sole trader disadvantages
- sole traders have unlimited liability, which means there’s no legal difference between themselves and their business – so if the business gets into debt, the business owner is personally…
