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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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The type of structure you use will depend on a number of factors unique to the business you want to start. In this article, we look at the main structures – sole trader, limited company, partnership and LLP and highlight the pros and cons of using each one.
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An LLP shares many of the features of a partnership, but also offers its members limited liability from any financial problems the business may face in the future.
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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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