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Take a look at what business structure suits you, and click the heading to find out more!
| Sole Trader | Partnerships & Limited Liability Partnerships | Limited Company | |
|---|---|---|---|
| Set up | Start immediately with little fuss or paperwork | Like-minded individuals work to a common goal. Easy to start or discontinue. LLP's are formed at Companies House | Formed at Companies House. Owned by shareholders and managed by Directors. Needs a Registered Office and sometimes a company secretary if appropriate |
| Risks | You bear the full cost and risks | Partnerships: partners carry full liability LLP: Partners have Limited liability | Limited liability |
| Tax | Tax is simple with rules for opening and closing tax years | Partners are taxed on their agreed share of profits under income tax law with specific rules for 1st and last years | Highly tax-efficient |
| Accounts | Straightforward, no filing required and do not become public information | Partnership accounts do not become public; LLPs file accounts at Companies House | Abbreviated accounts become public once filed |
Contact your Local Specialist:
Aylesbury
Becci Allen, 01296 381011
Bicester
Chris Munro, 01869 322261
Buckingham
Karen Howe, 01280 824949