If you’re looking to join the 4.3 million people in the UK who made the jump into self-employment, you might be wondering how to start your new business.
Assuming you’ve weighed up the pros and cons involved and decided launching a startup is right for you, one of the first things to consider is how will you pay tax? This requires you to choose a structure for your new business.
The three most popular options are sole proprietorship, general partnership or limited company.
Last year, operating as a sole trader was the most common structure as around 3.2m sole traders accounted for 56% of the UK’s entire private-sector business population.
By comparison, there were 2m actively-trading companies and 384,000 general partnerships, making up 37% and 7% of the business population, respectively. You can also be a limited liability partnership....
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