Sole Trader, Limited Company, Partnership or LLP – Which Business Structure is Best?

You’ve got your business idea all sorted. You’ve got a great name ready to register. Now what? You need to decide which legal structure will suit you and your business best.

Limited company

The four most popular ones are sole trader, limited company, general partnership and limited liability partnership (LLP). The decision is actually pretty straightforward when you understand the basic features and benefits of each structure, so we’ll take a look at each one in turn to help you make the right choice for your exciting new venture.

Sole trader

A sole trader is a self-employed person who owns and manages a business as an individual, but they have the option to employ people to work for them.…

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Everything You Need to Know About Choosing The Right Business Structure

If only it were so cut and dry when starting a business, we wouldn’t have all these headaches with paperwork, legal stuff and guidelines to deal with. However, the way business works would be a disaster if we didn’t have these specific legal structures to choose from, namely….

  • Sole Proprietorship
  • Partnership
  • (C) Corporation
  • (S) Corporation
  • LLC (Limited Liability Company)

business structure

That’s a lot to take in, especially if you may not know how they’re all different. Each one has specific advantages depending on the needs of the business. Each one also has certain aspects you must take into account, or else you’re losing money on account of your negligence.…

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