Which business type is right for me?
The best business type for you will depend on your personal circumstances. We generally recommend trading through a limited company as there are a number of significant benefits you gain by doing so. These benefits include protecting your personal assets (such as your home) and opening the door to better tax savings, in addition to the reputational advantage of having a registered company.
If you’re running a business on the side or your income isn’t too high you should consider operating as a sole trader. When trading as a sole trader there is no legal separation between you and your business which reduces the effort required to run the business. Partnerships are similar to sole trader businesses but consist of more than one owner.
Our accountants are happy to discuss this with you in detail to ensure you’re aware of the considerations when deciding your business type. Please request a call back.