You’ll be in good company. The vast majority of the UK’s 5.8 million self-employed — 59% — are registered as sole traders.
This stands to reason. Registering as a sole trader is easy and inexpensive to do, so it’s the ideal way to test the waters of self-employment.
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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. So which business structure is best for you?
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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. (more…)
One of the main benefits of becoming self employed is the ease with which you can start up and run your new business.
You can even become a sole trader (another term for self-employed) whilst working for someone else, so you can test the water and see whether working for yourself suits you.
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If two or more people wish to go into business together and don’t want to set up a limited company, a partnership offers a simple way to get started. It is similar in many ways to going the sole trader route for an individual.
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Becoming a sole trader is the simplest way to get your new business off the ground. You can start trading immediately, subject to any industry-specific licences or insurances you might be required to have.
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The simplest way to start a business in the UK is to become self employed. This is also commonly referred to as becoming a sole trader.
Here are the steps you must take to if you want to register as self employed, plus the other aspects you will also need to consider when working for yourself.
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If you’re new to self-employment, setting up as a sole trader is the easiest way to go. The registration process is simple, there’s almost no paperwork involved, and you don’t have to pay any registration fees.
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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.
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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.
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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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Many small businesses are partnerships. Yet circumstances and ambitions change, partners fall out or die. Without a good partnership agreement things can get acrimonious. Here’s how to protect yourself from the start.
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Before deciding to become self-employed, it’s a good idea to think through the implications of working for yourself…
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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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