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The 100 greatest ideas for building the business of your dreams by Ken Langdon

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Idea 29

What kind of trader are you?

Try not to spend too much time worrying about the status of the trading company you’re setting up. Normally it’s pretty straightforward. If, for example, you are going to put a lot of capital in and hire a number of people you’ll probably have to be a limited company. Otherwise you’ll want to be a sole trader or partnership. Check the tax situation, Idea 93, and decide accordingly. A partnership can be very tax efficient if you are setting up a business that involves your partner in life as well as in business. A partnership also gives you the opportunity to raise money by bringing in another partner who will put in capital to buy themselves in.

If you’re a sole trader just about your only source of funds ...

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