Should I Be a Sole Trader or Set Up a Company?

It’s a question almost every small business owner faces at the start: should I go it alone as a sole trader or set up a limited company?

Here’s a quick comparison:

Sole Trader- Simple and cheap to set up- You keep all profits- You're personally liable for debts

Limited Company- Separate legal identity- Better tax planning options- More admin and legal duties

When a Company Might Be Better:- You want to grow or hire staff- You need to limit personal risk- You want to look more “established”

When Sole Trader Might Suit You:- You're starting small- You want minimal paperwork- You’re happy with personal liability

The right choice depends on your plans. We can help you weigh up the pros and cons in your specific case.