The legal structure which you choose for your business will have an impact on:
- who you need to register with or inform that you are trading
- the regulations you need to adhere to
- how you raise finance
- which types of tax you will pay
- your personal liability should the business run into problems
- the records and accounting information you need to keep
- how you pay yourself
We’ve put together the following table, setting out the pros and cons of the most common legal structures.
It’s always a good idea to speak with an accountant or solicitor about which legal structure would best suit your business.