Setting up a Business
What you need to do to set up a business depends on the type of business. There are 3 main types- a Sole Trader, Partnership and Limited Company. There are different requirements for each which are outlined below.
What type of Company?
Sole Trader
The most popular business model in the UK- bearing all responsibility for the business as an individual.
Partnership
A legal form of business operation between two or more individuals who share management responsibilities and profits.
Limited Company
An organisation set up to run your business. Operating as a separate legal entity from the Directors and shareholders- the company is an 'individual' in it's own right.