There are four common types of business structure:

Sole Trader

This is the simplest form of business as no legal paperwork is required to set it up. The main downside of being a sole trader is that it does not protect your personal assets, so if your business fails, you could lose your house.

Partnership

This is the same as a sole trader – just with more people involved. If you decide on this route, please have a proper partnership agreement, signed by all the partners so you all understand what you are letting yourselves in for right from the start. Just like a sole trader, the business and personal affairs of the partners are not legally separate so beware.

Limited Liability Partnership

A Limited Liability Partnership (LLP) is a bit like a mix between a partnership and a limited company. It works much like a partnership (see above) but gives you some of the protection of a limited company (see below). To find out if this is right for you, talk to us.

Company

The business affairs are separate from the personal affairs of the owners, but there are legal regulations to comply with when you have a limited company. We can help you with all that – and we can set the company up for you if you don’t already have one. Take a look at our fact sheet on company formations. Until we get to know a bit more about your business, we can’t advise on the best structure for you. But once you register with us, we will call you and talk through what you do in detail. That way we get to know about you and can help and advise you much more effectively.

So register with Dare Accountancy now and start benefiting from our professional experience.