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Business structures - sole trader or limited company?

When setting up in business there's a million things to organise and make decisions on and one of the key decisions you need to make is which business structure is the best one for you.

There are a number of different business structures you can choose from, including sole trader, limited company, partnership and LLP. As no two businesses are the same this can make it a confusing and often tricky decision to get right. We have examined some of the pros and cons of the two main structures below, being sole trader and limited company status.