About Benefits of being a sole trader or limited company
You’re legally obliged to choose a suitable company name, which will need to be registered with Companies House. Your company name mustn’t it be so similar to an existing firm that there could be confusion. Helpfully, there’s a search tool on the Companies House websiteso you can check whether the name.
You’ll need to appoint a director if you’re setting up a limited company. This person will be responsible for keeping company records up-to-date, file accounts and.
If you plan to make a profit, you’ll need to issue shares. Initially this can be the director alone, who holds all of the shares. Alternatively, you could sell shares to.
Aside from details of personnel such as the director, company secretary and shareholders, you’ll need to ensure other information is recorded and kept current. Each has its own set of advantages and disadvantages, which can significantly impact your business's operations, finances, and liability. Sole traders are simple to set up and run. Limited companies have more complex structures and require more paperwork.
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