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Everyday Entrepreneurs: A Sugar-free, Dragon-slaying start-up guide for the simple small business by Ken Horn

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9. WHAT TYPE OF BUSINESS DO YOU WANT (OR NEED)?

options.psd

AS I MENTIONED EARLIER, WE’RE NOW GOING TO pick out a couple of topics we’ve only touched on in passing as they are issues that challenge many new start-ups. The first area we’re going to look at is what type of business you want (or need) to establish from a legal perspective.

There are a number of choices, subject to a range of considerations:

  • sole trader
  • partnership
  • limited liability partnership
  • limited company
  • social enterprise.

Before you select which business type best suits your business, we first need to compare the key characteristics of each option, starting with the most popular choice ...

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