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There several different types of business you can register as here in the UK. This blog will give you some advice about the different types of business you may register as.

Most businesses register as a sole trader, limited company or partnership.

Sole traders

It’s simpler to set up as a sole trader, but you’re personally responsible for your business’s debts. You also have some accounting responsibilities.

Limited companies

If you form a limited company, its finances are separate from your personal finances, but there are more reporting and management responsibilities.

Some people get help from a professional, for example an accountant, but you can set up a company yourself.

Partnerships

A partnership is the simplest way for 2 or more people to run a business together.

You share responsibility for your business’s debts. You also have accounting responsibilities.

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