Should I trade as a limited company or sole trade/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.