Starting up:
Your business structure
Once you have decided to proceed with your business idea, you need to decide on which business structure to use. The most common ones are operating as a sole trader, partnership, limited company or limited liability partnership.
Your choice of structure is particularly significant for determining the way you will be taxed, your liability to outsiders and the information you must publicly disclose.
You may not have an entirely free choice of structure. As examples:
- Some professions, such as solicitors and dentists, are prohibited from operating as a company.
- Partnerships (except for certain professional partnerships such as solicitors, accountants and surveyors) cannot have more than 20 members
There are many issues to consider if you want to incorporate as a company or limited liability partnership.
 |
Where next?
Within Starting up ...- Developing your business idea
- Setting up
- Accounting systems
- Payroll and PAYE
- National Insurance contributions
- VAT
- Income tax
- Corporation tax
General ...
- Contact us about this issue
- Read about how we can help you & your family
- Request a meeting with us
