25 May Should I Register as a Limited Company?
Tax changes have made it even more important to consider carefully, when running a business, whether it is best to trade as:
- Sole trader – an individual
- Partnership – two or more individuals or companies
- Limited liability partnership
- Limited company
We are often asked, ‘Should I form a limited company?’ The reality is that there is no easy answer. Each situation has to be judged individually. As well as the obvious issues of tax and national insurance contributions (NICs), there are many other potentially relevant factors, such as:
- The business
- Its expected rate of growth
- The profitability of the business
- The likely profit trend
- The degree of commercial risk
- Administrative obligations
- Personal preferences
- Pensions and retirement
In the early years of a business, the privacy and fewer administrative obligations of operating as a sole trader or partnership may be attractive. Business funds can be used with fewer restrictions than in an incorporated environment. (Read more…)
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