Simmers & Co
Topical Points Answer
I want to set up in business - must it be a limited company?
The structure of your business is a very important decision and advice must be taken to ensure that your chosen vehicle suits your needs now and in the future.
The business itself may well determine the form it takes: sole trader, partnership, limited company or limited liability partnership.
The tax regime for small companies (excluding personal service companies) is presently favourable. A company also has flexibility on how profits may be extracted. In addition, a number of reliefs have been introduced over the last few years which are only available to companies.
However, there are also many advantages in not being a limited company. Also, companies generally have higher administration costs and your accounts will be available for everyone to see.
We will be happy to discuss this with you to ensure you make an informed decision.