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business structure

Advanatges of running a business as a sole trader

For those new to the world of business there are many things to consider. One of the biggest decisions you’ll have to make when you’re starting a business is whether to set up as a sole trader (self employed) or limited company.

Both sole traders and limited companies have their distinct advantages and disadvantages (make sure you read our guide on 10 Advantages of running your business as a limited company instead of being self-employed to learn the main benefits of the limited company option).

Whilst the professionalism and protection that comes with running a limited company is appealing to many, becoming self-employed is the more straightforward option, and with it comes a number of other benefits.

So to help you make the right choice when deciding whether you should go self employed or set up a limited company when launching your new business, here are 7 key benefits of working as a sole trader; Continue…

10 advantages of a limited company

Although the sole trader route, which is commonly referred to as being self employed, is the most popular way of running a business in the UK, there are significant advantages of operating as a limited company.

Here, we highlight 10 of the biggest benefits a limited company gives you over working as self-employed;
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One of the first, and most important decisions you make when you set up a new business is to decide what type of legal structure you should work under.
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Aside from the sole trader route, the limited liability company is the most popular business structure in the UK.

With a limited company, the liability of company directors is ‘limited’ in that the company’s finances are separate from the personal finances of the business owner. This is not the case for those who run their business as a sole trader (self employed).

Limited company shareholders are not responsible for any debts run up by the business, although banks may ask company directors to provide loan guarantees for commercial loans or credit taken out in the company’s name.
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Starting a new business is an exciting time but getting the administrative side of things set up can be quite a time-consuming process. However, if these initial tasks are completed in a thorough and efficient manner, things are more likely to run smoothly and you can focus on the more exciting aspects of running your own business.

There are a number of different legal matters which need to be addressed before setting up a new business. Seeking good advice to help you through the planning and setup process ensures your business is built on solid foundations andcan provide protection when things do not go to plan.

Being prepared for any legal issues that could occur and having a good understanding of business law is essential when setting up a new company; lacking both could lead to a make or break situation. This guide is here to help you get your business off to a flying start and make sure you are both prepared and protected for what the future holds. Continue…

Is there a better way of doing business? Is there a more ethical and sustainable business model that is less focused on the short-term chase for shareholder profit? The answer could well lie with the co-operative business model.
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One of the first tasks you will have when starting up your business will be to decide whether to set up a new limited company, or become self-employed. If you choose to go self employed, this could be either as a sole trader, or as a partner in a partnership.

The different business structures each have their own advantages and disadvantages, so it’s vital you understand what each offers you. Working out which option best suits you, and your new business, can take a little time but it is an important decision, and one that can have major ramifications over the years ahead, so you do want to choose the business structure that best suits your circumstances.

Here we look at some of the differences between working as self employed and setting up a limited company;
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Most small businesses set up as either sole traders, or limited companies. In this section of ByteStart’s Start-Up Guide, we look at the most commonly used business structures in the UK.
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The Office for National Statistics (ONS) has released its latest report on the number of registered businesses in the UK. There was a 3% rise in business enterprise numbers in the year to March 2008.
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