When setting up a new business there are many things to think about but probably the first key thing to decide on is what kind of business do you want to set up – which business entity will work best for what you want to achieve?
There are three main types of business structures to choose from for your business in the UK. They vary in terms of scale, liability and investors. It is also possible to start off with one structure and move to another one, for example a sole proprietorship can expand to a limited liability company. In this guide, you will be informed on the basics of all the business structures and the benefits and disadvantages of them all.