The first question any person thinking of setting up a new business should ask is whether they will set it up as a sole trader or whether they will form a limited liability company to run the business on their behalf.
There are key advantages and disadvantages to each and it is worth taking the time deciding
which kind of business entity you wish to set up at the outset.
In this article I will deal with the legal points involved but anyone setting up a business and deciding which route to take should also seek the advice of their accountant.
Read more…Company -v- Sole Trader