Choosing the Right Legal Structure for Your Business
Choosing the Right Legal Structure for Your Business - You must choose a structure for your business. This structure will define your legal responsibilities, like: the paperwork you must fill in to get started the taxes you’ll have to manage and pay how you can personally take the profit your business makes your personal responsibilities if your business makes a loss You can change your business structure after you’ve started up if you find a new structure suits you better or saves you money.
Types of business
The main types are: Sole Trader Limited Company Business Partnership You can form an ‘unincorporated association’ if you’re setting up a small organisation like a sports club or a voluntary group and don’t plan to make a profit. You can use other structures for businesses that help people or communities, eg ‘social enterprises’.