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Business Entity
At Start My Business, we understand every business is different. We will talk through all of the different options available to you when it comes to setting up a business, whether it's tax obligations or even the risk of setting up a business under a particular entity.
Sole Trader
As a Sole Trader, you could incur some personal financial risk as you would be liable for ALL the Debts if your business fails. These might not be considerable if you are thinking of starting a low-cost business.
Being self-employed requires less administrative effort than setting-up and running a Limited Company. You would also not need to register your company on Companies House. Setting-up as a Sole Trader is quick, easy, and free, and preparing the accounts of your business can be simple.
Partnership
As a partnership, this is similar to a sole trader, but for a business whare there is a minimum of 2 individuals managing and operating under the same business.
As with a Sole Trader, it requires less administrative effort than setting up a Limited Compny, but the risks remain the same, and all the liability for the debts for the business would be shared amongst the partners.
Limited Company
On the one hand, registering as a Limited Company is likely to involve more administration and higher costs than if you were a Sole Trader. However, if you are a Private Limited Company, then your liability is limited to the amount of money you have invested in the business. Whereas, if you are a Sole Trader and your company fails, then you are personally liable for all the debts of your business even if this means you cannot afford to pay off the debts and need to sell your home etc. A Limited Company is a separate legal entity and the finances of limited companies are entirely separate from those of its owners. However, you are liable for Bank Loans if you provide personal guarantees for your company.
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Babbage Road
Stevenage
Hertfordshire
SG1 2EQ
Tel: 03333 010021
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