When you embark on the journey of entrepreneurship, one of the most pivotal decisions you will face is the choice of business structure. Registering as a sole trader vs limited company – this is where you’ll need to weigh your options and choose. Naturally, it will have to be a decision you make based on your goals.
Sole trader vs limited company – benefits and drawbacks
Being a sole trader or limited company – each presents unique advantages and challenges.
That’s why this informative video aims to clarify each of those to you. Before you make a definite decision about your new business.
I break down the benefits and challenges of each structure, highlighting how your choice impacts essential areas such as record-keeping, accounting requirements, tax obligations, personal protection, and compliance costs. I also discuss how this decision can affect how potential customers and suppliers perceive your business.
Click the video preview below to watch.
In conclusion, the choice of business structure (sole trader or limited company) should be a reflection of your goals as an entrepreneur. It’s also a reflection of your risk appetite and operational preferences. This video is a valuable guide. In addition, reminds you as a business owner that there is no one-size-fits-all answer. Each path has its merits and drawbacks, and the ultimate decision should be made after careful consideration of personal and professional aspirations.
If you need advice from competent professionals to help you with this decision-making process, don’t hesitate to contact us.
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