Ways you can set up a business.
When you decide to run your own business, there are a number of different ways that you establish the legal entity of the company. There are many benefits and disadvantages to each option, and it is often best to speak with a Bath Accountants like the ones from https://chippendaleandclark.com/accountant-in-bath/ to ensure that you choose the option that makes sense for you and your future plans with the business.
Limited companies – these are companies that have directors at the helm. It can be one director or a number of them. This will depend very much on what the overall plan is for your business. A limited company stands as a separate entity from the people that own the business. These businesses can be sold at the end of the day, and the directors of the business receive the funds for the sale.
Sole Trader – these are individuals that operate their companies without having a legally registered business with companies house. Sole traders and the business are essentially one and the same thing. The decisions that are made will affect the individual as well as the business. The types of insurance that are needed for sole traders will differ from limited companies.
Charities and CICs – these are businesses that have a charitable aim, and they will be established businesses that are set up. They will be registered with charities commission and with companies house in some capacity or another. Limited companies can have charitable arms to their businesses.