There are a number of options available when deciding what structure to use for your business. Most businesses take the form of a sole trader, partnership, limited liability company or limited liability partnership.
Trading as a limited liability company or limited liability partnership has the advantage of limiting individual personal liability, but from a negative perspective generally involves a greater level of ongoing administration.
You should also consider obtaining taxation advice from a chartered accountant upon tax treatment of these different business structures – as this may influence your choice of structure.
We can advise you in detail of all the advantages and disadvantages associated with each of the business structures and help you decide which is the most suitable structure for your business.
We can also deal with the formation requirements of limited liability companies and limited liability partnerships for you. If you decide to trade in partnership or set up a limited liability company or limited liability partnership then you will also need to consider whether you need a partnership agreement, shareholders’ agreement or limited liability partnership agreement.