Setting up a business as a limited company is the second most popular way of setting up a business in the UK. In 2021, there were around 4.5 million private limited companies. There are both huge advantages and disadvantages of running a limited company, as well as, other structures such as sole traders (which is the most popular business structure, with their being 3.2 million in 2021). It’s important for any aspiring entrepreneurs to understand the range of benefits and pitfalls of different business structures to determine if they are the right fit for their business idea.
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