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Business Structure - Overview

What structure of business is required? Sole trader, partnership, limited liability partnership or limited company are the main options and you need to consider the advantages and disadvantages of each. The structure you decide upon will affect:

  • The tax and national insurance
  • The financial liability if the business fails
  • The records and accounts that have to be kept
  • The ways in which your business can raise finance
  • The way management decisions are made about the business.

For a more detailed explanation on each of these please refer to each of the legal structures.

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