One of the first decisions you make when you set up a business is about the structure that you want your business to take. And you have a number of options to choose from. You might choose to be a sole trader or you might prefer to set up a limited company? What about a partnership - there can be advantages to this kind of structure if you're not striking out on your own. And if you're looking at a partnership, you might be interested in one that takes the form of a limited liability partnership - which essentially does what it says on the tin.
Then, as your business grows, your ambitions stretch further and the opportunities you encounter open up even more, you might find yourself coming back to this same question of what is the right structure for you. Nothing is written in stone. If you need or want to change, you generally can change and once you're established, you'll find you have even more possible structural options to tailor to suit you.
When you start out, you'll mostly likely consider the 4 common types of structures listed above and you can find out a lot more about them in our free guide to Getting Started - you'll see the link below. Our guide can help you to decide which model suits you best. Maybe it's Joe the florist's sole trading model, the Bates Hardware partnership model, our design agency, Artichokes&Onions' limited company or the limited liability partnership, Best Vets LLP that our 3 vets set up? They've travelled this path ahead of you and made exactly the decision you now face. You can compare your requirements and aspirations with theirs, look at what motivated their business model decisions and find out a whole lot more about why those decisions worked for their businesses. Ok - so these particular businesses aren't real businesses themselves, but they very accurately represent the businesses who we help to make exactly these decisions every single day.
So take a look at our step by step guide packed with examples, things to think about, links to helpful free resources and plenty of info graphics to keep it clear and jargon free.
Here is the link: https://www.lhs-solicitors.com/getting-started-in-business/
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Every business - no matter how big or small - must have a legal structure, with the bulk choosing to be either a sole trader or a limited company. An estimated 3.3 million operate as sole traders, with 1.6 million operating as LTDs - so what is the difference between the two? And which could be the best fit for your business?