This is when a business is owned and controlled by one person who takes all the decisions, responsibility and profits from the business they run. As a sole trader, there is no distinction between you and the business. You would be personally liable for any debts incurred by the business.
What is the best structure for your business: sole trader or limited company? Should you start as a sole trader and incorporate later on?
Sole Trader
Limited Company
It can be set up with a share capital of as little as £1. Most limited companies are private companies limited by shares.
If you started running your business as a sole trader, the question of whether you should convert to a limited company is something that you should review on a regular basis.
The two main advantages of a limited company is that it offers a limited liability protection and that the limited company structure is generally more tax efficient if your profits exceed £15,000.
How to proceed
If you are ready to register your limited company, we will process the request on the same day and the company will be created with 24 hours. This will enable you to start trading immediately.
What information do you need to set up a company?
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full name
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nationality
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occupation
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date of birth
Decisions to make:
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The role each officer will play:
director, secretary, shareholder.
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The number of shares they will be allocated
Company name check
References
ACCA
FRAccountants is accredited by the ACCA, which means we are wholly composed of Chartered Certified Accountants and covered by ACCA’s Group Consumer Credit Licence under the terms of the Consumer Credit Act 1974.
