Forming your company

You have made the decision to branch out on your own; the first question is what type of business would be best? The options are sole trader, a partnership or a limited company.

The particular advantages of a limited company mean it is the preferred choice for most as it brings a range of benefits not available to sole traders and partnerships.

• One of the premier benefits is that of limited liability whereby your personal assets are protected in the unfortunate event that things go wrong with your company.
• Limited status provides credibility and confidence to suppliers and customers as your company details are available for all to see on the Companies House database.
• Once incorporated your company name will be protected as it is listed in the register of companies maintained by Companies House thus preventing anyone else from trading under your name as a Limited Company.