The main options are 'sole trader', 'partnership', 'LLP', or 'limited company', but choosing which is best for your own circumstances is not a simple matter.
For example, take tax.
To determine which trading vehicle would best for tax purposes alone you may need to consider the impact of many different taxes (IT, NI, CT, VAT, CGT, IHT, SDLT etc!), and their interraction with likely profit levels, other income sources, the possibility of incurring trading losses, asset transfers, future business partners etc, etc
You'll then need to take into account myriad other issues, such as professional fees, financing, personal liability, business credibility, what information about your business will be on public record etc, etc
The trading vehicle you decide upon will affect all of the above and much more besides, so make sure you are properly informed and get advice from an accountant who will ask the right questions and help you make the right choice.
We offer a free consultation for all new start ups.
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