Company Formation

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Business Structure

Sole traders are the most common types of business, if you were to look in your Yellow Pages directory, you would find endless Window Cleaners, Dog Walkers, Plumbers and Children’s Entertainers who operate in this way, as well as in millions of other professions.

Sole Trader businesses are owned by just one person, although this does not stop you from recruiting employees to assist you in operating and administering the business, if you are thinking about taking on staff, you should look into registering as an employer with HM Revenue & Customs.

If you’re planning to start business with between one and twenty other people, your business would take on the structure of a Partnership, rather than a sole trader and you should consider putting a Partnership Agreement into place if you feel it necessary.

If you plan to operate in the legal profession alongside a number of partners, you should look into operating as a Limited Liability Partnership (LLP) which is a special type of partnership.

If your business will be a larger operation with a high turnover or if you would like the benefit of limited liability you may want to look at the advantages of operating as a Private Limited Company. This type of business involves the filing of statutory returns and accounts, as well other company related admin such as keeping accurate company registers.

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