founder of naked leader
Do You Have Limited Options?
TO be or not to be, that is the question? A limited company that is. Whether to remain a sole trader or opt for limited company status is a conundrum for businesses. Opting to be a limited company might save you tax, unless your turnover is less than £10,000.
Why not check it out? For firms with modest profits, becoming a limited company could be an attractive option. There are other advantages. If the business gets into financial trouble, liability for any debts is limited to the assets of the business not the owner. Speak to your adviser or accountant about what is best for you. It could save you money.
I think this is good advice. Not everyone wants to run a business as a sole trader and there are consequences for debt if things go wrong.
You can earn yourself protection by becoming limited, no question.
There’s a lot to be gained from both so best to investigate via an accountant.
It all depends on personal circumstances.
One of my friends is deciding on this very matter. It’s complex issue that needs to be looked into thoroughly before a decision is made.
Worth thinking about though.
I agree it takes a lot of planning and organisation to switch from one to another so expert advice is vital.