IN THIS LESSON

Just before you start your business, it is important to understand the structure you would want your business to lead.

  • Sole Trader: The simplest structure where you're self-employed. You keep all profits after tax but are personally responsible for business debts. Perfect for freelancers, consultants, and small service businesses.

  • Limited Company: A separate legal entity from yourself. Offers personal asset protection but requires more paperwork and accounting responsibilities. Better for businesses with higher risks or those seeking investment.

  • Partnership: Similar to sole trader but for two or more people. Requires a partnership agreement detailing profit sharing and responsibilities.