Many people decide to make the jump in their career ventures into going solo – when making this exciting new change it is important that you are making the right decisions.
There are many reasons why people decide to go into business on their own – you get to be your own boss, do what you’re interested in and get creative!
Questions to be asking yourself to aid you in making this decision are; what sort of work will you be undertaking?, and; what sort of clients/customers will you be dealing with?
Some people decide to be a Limited Company simply because there are many potential customers who will only deal with Limited Companies. However if you choose to be a Limited Company the rules that apply are significantly different to just being a sole trade for example you are not free to take money from the business and you will need to draw this out of the company as a salary, dividend or a loan. As a Sole Trade however, any profits you make are personally yours, but also if things were to go wrong then any liability is personally yours too. Read more about setting up as a sole trader from the team at Sence Accounting.
Whichever path you choose, Sence are here to help with decisions about whether to set up a Limited Company or Sole trader! Call 01530 447999 to talk to one of our friendly team.