What’s a sole trader?
A sole trader is a self-employed person who owns and operates their own company. This ensures there is no legal difference between you as the business owner and the corporation. Since you and your companies are one and the same, you will retain your after-tax gains and are personally liable for any damages your company incurs.
What’s a limited company?
A limited partnership is a legal organization independent from the corporate owner and may be established in the business is a one-person enterprise or has staff. By creating a limited partnership, you take on the role of director for your company.
How do I set up as a sole trader?
Choosing a name is the first step of being a sole trader. Be sure the name you've picked isn't still in use by another organization. If you do, they will refuse to let you use it. With this in mind, registering the name as a trademark to discourage anyone from using it is a good idea.
How do I set up a limited company?
Registering and operating a limited company requires more documentation and accounting than a sole trader or partnership, but it comes with more financial liability protections.
For more information, or to join up, please call 0800 644 1258 or email info@accotax.co.uk or visit our Accotax website.