Company vs partnership vs sole trader
Company, partnership or sole trader | (7)
There are several ways you can set up the actual company. Here are the pros and cons of each - with links to more detailed information.
Which one you choose will dictate what sort of records you have to keep and submit, your liability for the business's debts, and how you manage tax.
Company: pros and cons
Read more about starting up as a limited company.
The pros
Your liability is limited to whatever money you've put into the business.
You may be treated more seriously as a business, although this will depend on your area of business (most people won't care if their window cleaner ...