Should you trade as
a limited company or sole trader/partnership?
This question is not easily answered. However, by considering the many
factors involved, we can help you decide. Some considerations are:
- Limited liability - what is the risk
of you incurring a large loss or becoming insolvent?
- Public disclosure - limited companies
must file accounts at Companies House, where they are available for
public scrutiny.
- Company law - is complex and onerous.
Are you prepared to take this on, with the resulting higher costs
of compliance?
- Remuneration - what is the most tax
efficient way for a director/shareholder to take cash out of the business?.
- Tax and national insurance - there
may be savings to be made as a limited company; but how do these savings
weigh up against the additional responsibilities and restrictions?
Whether you decide to trade as a limited company or a sole trader/partnership,
we can guide you through the registration process and provide ongoing
support.
Useful links:
Inland Revenue
website for new businesses.
Companies
House