An alternative way to trade is to form a Limited Company. The position is quite different from being a sole trader or partnership. The Company exists separate from you, has its own bank accounts and other assets, and keeps its profits. The money earned is then distributed to the owners as described within this article, continue reading to find out more.
Partnerships are in effect sole traders but working with other people. The rules for deciding if you are a partnership are the same as those for deciding if you are a sole trader.
We act for many sole traders over more than 30 years of trading and we continue to do so for hundreds of people.
You’re probably self-employed if you:
- run your own business and take responsibility for its success or failure
- have several customers at the same time
- can decide how, where and when you do your work
- can hire other people at your own expense to help you
- provide the main items of equipment to do your work
- charge an agreed price for your work
- sell goods or services to make a profit (including online)